Ceteris paribus, which of the following is most likely to cause a decrease in the supply of skateboards?
A. An increase in the price of skateboards.
B. An improvement in skateboard-making technology.
C. An increase in the cost of materials used to produce skateboards.
D. All of the choices are correct.
Answer: C
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If an economist claims there are substitutes for fossil fuels, she is really saying
A) fossil fuels don't have to be economized. B) fossil fuels aren't scarce goods. C) fossil fuels aren't important. D) fossil fuels are used, and maintained, only at a cost. E) economists don't care for fossil fuels.
The fact that not everyone places all of his/her savings in U.S. Treasury bonds indicates that:
A. most investors are not risk averse. B. most people are risk-neutral. C. many investors are actually risk seekers. D. even risk-averse people will take risk if they are compensated for it.
Suppose consumer tastes and preferences shift from pizza to tacos. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices.
A. increasing; decreasing B. decreasing; increasing C. decreasing; decreasing D. increasing; increasing
In 1911, the U.S. Supreme Court made clear that the Sherman Act did not outlaw every action that seemed to restrain trade.
Answer the following statement true (T) or false (F)