Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will likely shift the demand curve for the product to the ________, resulting in ________ in the equilibrium price of the item.
A. right; a decrease
B. left; a decrease
C. left; an increase
D. right; an increase
Answer: D
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An issue never confronted effectively by GATT, but considered an important issue for WTO is that of
A) the promotion of freer World trade. B) the promotion of freer World commodity trade. C) the promotion of freer World services trade. D) the lowering of tariff rates. E) the liberalization of trade.
A country's economic welfare most directly depends on
A. how many goods and services it exports. B. what its citizens can consume. C. how many goods and services it imports. D. what it can produce.
If firms in a perfectly competitive industry are earning positive economic profits, then what will happen in the long run?
What will be an ideal response?
All of the following make the demand for labor more elastic EXCEPT
A) greater elasticity of demand for the final product. B) the longer the time period under consideration. C) the smaller the proportion of total costs accounted for by labor. D) the easier it is to substitute another input for labor.