Which of the following would shift the demand curve for gasoline to the right?
a. a decrease in the price of gasoline
b. an increase in consumer income, assuming gasoline is a normal good
c. an increase in the price of cars, a complement for gasoline
d. a decrease in the expected future price of gasoline
b
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If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a
A) store of value. B) medium of exchange. C) mechanism for transforming present purchases into future purchases. D) unit of account.
Decreases in the stock of capital will lead to
A) decreases in wages and GDP. B) increases in wages and total GDP. C) decreases in wages and increases in GDP. D) increases in wages and decreases in GDP.
Refer to the scenario above. What is the opportunity cost of printing one magazine?
A) 1 notebook B) 2 notebooks C) 15 notebooks D) 30 notebooks
In the resource market, firms demand resources in order to
a. maximize profit b. maximize total revenue c. maximize marginal revenue d. maximize utility e. minimize cost