Of the following four motorists, who is speculating?
A) The one driving on empty, looking for the best gasoline price in town
B) The one who fills his gasoline tank believing he has found the lowest gas price around
C) The one who fills his gasoline tank on news Iraq has once again invaded Kuwait
D) All of the above.
E) None of the above.
D
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Given aggregate demand, a decrease in aggregate supply creates:
a. a higher price level and a higher GDP level. b. a lower price level and a higher GDP level. c. cost-push inflation. d. demand-pull inflation.
Because the goods offered for sale in a competitive market are largely the same,
a. there will be few sellers in the market. b. there will be few buyers in the market. c. only a few buyers will have market power. d. sellers will have little reason to charge less than the going market price.
Non-fed ground beef is an inferior good. In economic booms, grocery managers should:
A. increase their orders of non-fed ground beef. B. not change their orders of non-fed ground beef. C. reduce their orders of non-fed ground beef. D. neither increase, reduce, nor maintain their current orders for non-fed ground beef.
The electricians union is a good example of:
A. exclusive unionism. B. an industrial union. C. how unions can simultaneously increase wage rates and employment by increasing the demand for labor. D. inclusive unionism.