If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are
A) a normal good.
B) an inferior good.
C) an income complement.
D) an income substitute.
Answer: A
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Susan Greenberg, who works in a typewriter factory, becomes unemployed because people start buying personal computers instead of typewriters. Susan can best be described as:
a. frictionally unemployed. b. structurally unemployed. c. cyclically unemployed. d. not part of the labor force. e. a discouraged worker.
Which of the following is most important for the achievement of higher income levels and living standards?
a. production of additional goods and services that people value highly relative to the cost of their production b. increases in government spending that create jobs c. restriction of imports that expand employment in the protected industries d. an increase in total employment
A value of the absolute price elasticity of demand equal to 0.5 indicates that
A) a 0.5% decrease in price leads to a 1% increase in quantity demanded. B) a 2% decrease in price leads to a 25% increase in quantity demanded. C) a 1% increase in price leads to a 5% decrease in quantity demanded. D) a 10% increase in price leads to a 5% decrease in quantity demanded.
For foreign direct investment to occur, the purchase has to be more than
A) 8 percent but less than 10 percent of shares in a business located abroad. B) 5 percent but less than 10 percent of shares in a business located abroad. C) 10 percent of shares in a business located abroad. D) 2 percent but less than 5 percent of shares in a business located abroad.