An increase in the number of suppliers in a market results in a
A) movement up along the supply curve.
B) rightward shift in the supply curve.
C) leftward shift in the supply curve.
D) Both answers A and C are correct.
B
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When an individual's wage rises, the income effect tends to:
a. increase hours worked. b. decrease hours worked. c. leave hours worked unchanged. d. an impossible prediction about what will happen to hours worked.
Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0 percent. If, instead, real GDP per person had grown at an average compound annual rate 2.5 percent, then real GDP per capita in the United States in 1998 would have been approximately ________ larger.
A. $12,530 B. $2,370 C. $25,520 D. $6,751
GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. If the overall rate of inflation in the economy was 3.5%, what happened to the real price of amusement park tickets?
A. The real price of amusement park tickets rose by 8.5%. B. The real price of amusement park tickets fell by 1.5%. C. The real price of amusement park tickets rose by 5.0% D. The real price of amusement park tickets rose by 1.5%.
Without usury laws, banks will
A) charge very high interest rates to all borrowers. B) charge higher interest rates to riskier borrowers than to safer borrowers. C) charge very low interest rates to all borrowers. D) face no demand for loans.