Between 2013 and 2014, the government estimates that disposable income in the US decreased. Consequently, as a result of this change, consumption expenditure
a) remained constant
b) decreased
c) increased
d) more information is needed about how taxes changed between 2013 and 2014
b) decreased
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If High Tech, a computer manufacturer, has a contract with Big Chips, a computer chip manufacturer, to produce the computer chips needed for High Tech's computers, this is an example of ________.
A) forward integration B) outsourcing C) divestiture D) backward integration
If a firm in a perfectly competitive market triples the quantity of output sold, then total revenue will
a. more than triple. b. less than triple. c. exactly triple. d. Any of the above may be true depending on the firm's labor productivity.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, the amount consumed domestically would:
A. decrease by 40. B. increase by 40. C. increase by 35. D. increase by 75.
Suppose that the introduction of computers increases the productivity of workers in the developed world. What you would expect wages to do?
a. Rise mainly in the developed countries. b. Rise mainly in the developing countries. c. Fall mainly in the developed countries. d. Fall mainly in the developing countries.