If people expect the price of packaged coffee to rise next week, coffee demand will:
a. decrease now.
b. increase now.
c. stay the same now and increase next week.
d. stay the same now and decrease next week.
e. stay the same now and next week.
b
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Imports are goods and services bought domestically
A) and resold at a profit. B) and not subject to tariffs. C) and produced domestically. D) but produced in other countries.
Suppose that the cross price elasticity of demand between good X and good Y is -1.55. This indicates that the two goods are
A) substitutes. B) complements. C) both inferior. D) completely unrelated in the minds of consumers.
Which of the following would be included in the calculation of the GDP for the year 2010?
a. Purchase of a 2004 model Volkswagen sedan in 2010 b. Swapping of baseball cards among two college students c. Car repairs done by a person d. Fresh lemonade sold at a local diner e. A lamp sold at a garage sale
The supply curve of labor is upward sloping because the marginal revenue produced by labor is greater than one
Indicate whether the statement is true or false