Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week. For Lesley, cappuccinos are a(n) ________ good
A) normal B) luxury C) inferior D) essential E) substitute
A
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The gains from international trade are closely related to
A) the labor theory of value. B) how much the autarky price differs from the international price (i.e. the terms of trade). C) the fact that one country must lose from trade. D) All of the above.
A craft labor union is made up of
A) groups of workers in an individual trade. B) all the workers in a firm such as General Motors. C) firms that employ similar labor skills. D) an organization that controls the labor market in a particular industry.
According to the graph shown, if the price were $15, a:
A. shortage would exist, signaling sellers to raise their price.
B. shortage would exist, signaling buyers to leave the market.
C. surplus would exist, signaling sellers to drop their price.
D. surplus would exist, signaling buyers to bid up the price.
AACSB: Analytical Thinking
The term "bottleneck" refers to
a. when increasing variable inputs must share a fixed amount of complementary input. b. "fixity" of some factor c. None of the above d. Both a and b