If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase.
B) the demand for butane would decrease.
C) the demand for butane would increase.
D) the quantity of butane demanded would decrease.
C
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In the 1980s, the federal government undertook a major build-up of the military sector, leading to reports that prices charged by military contractors were spiraling upward. According to production possibilities analysis, this result is not surprising due to:
A) the law of increasing opportunity cost. B) economic efficiency. C) technical efficiency. D) resource underutilization.
In a recession, the cyclical unemployment:
A. is negative. B. is zero. C. equals the natural rate of unemployment. D. is positive.
There was substantial disinflation during
A. most of the 1960s. B. the late 1970s. C. the early 1980s. D. the late 1980s.
Suppose laid-off workers and other qualified unemployed workers offer to work for less than the wages being paid existing employed workers, but employers do not hire these workers for fear that existing workers will refuse to cooperate with them. This
situation best describes the: A. efficiency wage theory. B. theory of compensating wage differentials. C. insider-outsider theory. D. rational expectations theory.