If a professional association restricts membership and firms cannot employ nonassociation workers, the equilibrium wage will increase
a. True
b. False
A
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"Gasoline purchases were up 10% last week, even though gasoline prices were 6 cents higher than the week before! You see, the law of demand does not hold for gasoline!" What is being misunderstood in the above statement?
A) Nothing at all. B) It implies the demand curve for gasoline is vertical. C) It fails to recognize that the demand curve has shifted to the right. D) It fails to hold constant all the other factors that influence demand.
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
a. demand. b. quantity demanded. c. law of demand. d. consumption function. e. purchasing power.
Spending on new capital goods, new homes, and the addition of unsold goods to company inventories is included in:
A. service spending. B. investment spending. C. government purchases. D. consumption expenditures.
Suppose that the total expenditures for a typical household in 2010 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals:
A. 1.00 B. 1.20 C. 1.25 D. 0.83