You just heard about Burton's annual tent sale going on next week. This will likely cause your demand for a Burton jacket today to:
A. increase because of your income constraint.
B. decrease because of your income constraint.
C. decrease because of your expectations of the price of Burton jackets next week.
D. increase because of your expectations of the price of Burton jackets next week.
Answer: C
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Which of the following statements is TRUE?
A) As a result of specialization some workers will be displaced and harmed in the short run by free trade. B) Free trade leads to lower wages for all workers in both nations. C) Specialization will result in a decline in an industry and none of those workers will be able to find other jobs. D) Free trade will benefit all workers in a nation equally.
All the decisions made by people who operate firms have one overriding objective, which is to ________
A) make maximum attainable profit B) maximize the firm's total revenue C) maximize the firm's market share D) maximize the quantity that the firm sells
What does limited liability mean?
A) The personal assets of the owners cannot be claimed if the business is bankrupt. B) Anybody with a liability against a firm can claim only what their liability refers to. C) The owners of the business are personally responsible for paying expenses incurred by the business. D) Only employees can have a claim on the assets of the business.
When government intervenes in the production process because external costs exist, it typically attempts to shift the industry's
A) demand curve to the right. B) demand curve to the left. C) supply curve to the right. D) supply curve to the left.