When one firm lowers its price, its gain in sales at the expense of other firms is known as
a. administered sales.
b. the substitution effect.
c. the collusive effect.
d. product differentiation.
b. the substitution effect.
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Since people respond to incentives, we would expect that, if the average salary of accountants increases by 50% while the average salary of teachers increases by 20%, then
a.fewer students will take degree courses in accounting and more will take education courses. b.fewer students will take degree courses in education and more will take accounting courses. c.fewer students will attend university. d.none of these answers.
A $2 tax per gallon of paint placed on the buyers of paint will shift the demand curve
a. downward by exactly $2. b. downward by less than $2. c. upward by exactly $2. d. upward by less than $2.
QN=62 (17781) The information below was reported by the World Bank. On the basis of this information, which list below contains the correct ordering of GDP per person from highest to lowest?
a. Kenya, Tanzania, Zimbabwe b. Tanzania, Kenya, Zimbabwe c. Zimbabwe, Kenya, Tanzania d. Zimbabwe, Tanzania, Kenya
The Great Depression ended in the United States when
A. the New Deal reforms were initiated by President Roosevelt. B. deficit spending ended in 1937. C. the United States returned to the gold standard in 1940. D. the United States began to mobilize for war in the early 1940s. E. the German economy suffered hyperinflation in the 1920s.