A car dealership union negotiates a contract that dramatically increases all salesmen salaries. If one of the salesman is thinking of changing careers to be a hardware salesman, his opportunity cost
a. would not be affected
b. would increase if he continued to be a car salesman
c. of becoming a hardware salesman would increase
d. none of the above
c
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Which geographic coincidence affected gasoline prices the most during 2005?
A. A tsunami hit the one area in the world most responsible for producing U.S. gasoline, Indonesia. B. Two major hurricanes affected the refining intensive areas of New Orleans and Houston. C. An earthquake happened to hit the energy-sensitive areas in and around Iran. D. There were tornado related electrical outages in the industrial Midwest.
As the marginal propensity to consume ________, the value of the multiplier increases
A) decreases slightly B) is constant C) increases D) decreases
When a tax is imposed on buyers, consumer surplus and producer surplus both decrease
a. True b. False Indicate whether the statement is true or false
According to the law of demand, a demand curve
A. Has a positive slope. B. Has a negative slope. C. Exceeds the economy's ability to produce. D. Is a horizontal or flat line.