Suppose the price of crude oil used to produce gasoline rises significantly. At the same time, consumers purchase hybrid cars in great numbers. In the market for gasoline, the market clearing price ________ and the equilibrium quantity ________.

Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following would NOT be a mutually agreeable terms of trade for Sandy and Tim?

A) 1 economics report for 1 sales call B) 1 sales call for 3 economics reports C) 1 sales call for 4 economics reports D) 1 economics report for 1/4 of a sales call

Marginal cost is the ____________ cost of producing one additional unit and marginal revenue is the_____________ revenue of selling an additional unit

a. Incremental, Incremental b. Total, Incremental c. Incremental, Total d. Total, Total

Long-term productivity growth trends have resulted in the

a. increased predominance of the British economy. b. relative decline of the U.S. relative to the U.K. c. relative decline of the Japanese economy. d. relative growth of the Japanese economy.

Jane is a 22-year-old college graduate. She has just started working at a job that pays her $75,000 per year. Since you have had an economics course, Jane asks you for advice on where to invest the money she is saving for her retirement. What do you recommend?