Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk.
B) A shift to the right of the demand curve for milk.
C) An increase in the number of milk suppliers.
D) A decrease in the number of milk buyers.
Ans: D) A decrease in the number of milk buyers.
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A college must decide if it wants to offer more Internet-based classes. This decision involves answering the economic question of "what to produce."
Indicate whether the statement is true or false
Which of the following statements is true?
a. Income distribution in the United States has gotten progressively more unequal since 1929. b. The Lorenz curve indicates the degree of discrimination in an economy. c. The Lorenz curve indicates the degree of income inequality in an economy. d. The richest 5% of Americans earn approximately half of the nation's income. e. All of these.
If we compare the trend in median wage for people with no more than a high-school education to that of people with a bachelor's degree, which of the following best describes median wage trend in the U.S?
a. The median inflation-adjusted wages for people with only a high school education have declined by about 6 percent since 1980, while the median wage of college graduates has risen by 12 percent in the same time period. b. The median inflation-adjusted wages for college graduates has declined by approximately 25 percent since 1980, while the median wage for people with only a high-school education has remained constant. c. The median inflation-adjusted wages for college graduates has increased by approximately 150 percent since 1980, while the median wage for people with only a high-school education has increased by only 31 percent. d. The median inflation-adjusted wages for college graduates has remained constant since 1980, while the median wage for people with only a high-school education has increased by 150 percent.
Which of the following is not a part of aggregate expenditure?
A. Consumption B. Net exports C. Government purchases D. The nominal interest rate