In which of the following situations will market clearing price decrease and the equilibrium quantity increase?
A) an increase in demand with no change in supply
B) an increase in supply with no change in demand
C) a decrease in supply with no change in demand
D) a decrease in demand with no change in supply
B
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In the U.S., each additional year of schooling has historically raised a person's wage on average by about
a. 5 percent. In less developed countries the gap between the wages of educated and uneducated workers is smaller. b. 10 percent. In less developed countries the gap between the wages of educated and uneducated workers is smaller. c. 5 percent. In less developed countries the gap between the wages of educated and uneducated workers is larger. d. 10 percent. In less developed countries the gap between the wages of educated and uneducated workers is larger.
Older Americans living on a pension and therefore on a fixed income tend to be made
A. better off when prices rise. B. better off when inflation rates rise. C. worse off when prices rise. D. worse off when prices fall.
Refer to Table 2-11. If the two countries specialize and trade, who should export motorcycles?
A) There is no basis for trade between the two countries. B) Ireland C) Scotland D) They should both be importing motorcycles.
Which of the following describes the store of value function of money?
A) noting that Audible.com sells downloadable audio books for $10 per book B) making a monthly payment toward your car loan C) paying $30 for a haircut D) putting away $50 each month into your savings account