Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, how many cars will be supplied if the price of cars is $20,000?
A. 96,000
B. 156,000
C. 204,000
D. 960,000
B. 156,000
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In the figure above, an increase in the price of a bag of potato chips would result in the budget line
A) making a parallel shift toward point a. B) making a parallel shift toward point c. C) becoming flatter. D) becoming steeper.
What has been one of the results of globalization experienced by Eastern European nations after the fall of their socialist regimes?
a. All traces of their traditional culture have disappeared. b. These countries have attracted foreign investment from industrialized countries, which have transferred cleaner technologies and thus, improved environmental quality. c. These countries have not yet adapted to capitalism, and a majority support a new movement to return to communism. d. Most national forests have been destroyed by multinational companies. e. Many new diseases have been introduced because of increased contact with the West.
Which of the following is a term for an innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations?
a. disruptive technological change b. disruptive market change c. disruptive trade change d. disruptive transfer change
A month ago, you bought a one-year bond with a value of $100 that pays a fixed interest rate of 5 percent per year. The interest rate of the economy was also 5 percent. Today you read in the newspaper that the interest rate in the economy increased to 6 percent. You are holding a bond that is:
A. not desirable at all. B. desirable to you. C. less desirable to other investors. D. highly desirable to other investors.