All of the following will decrease the demand for labor by firms in an industry except
A. a decrease in the prices of inputs that complement labor.
B. a decrease in the demand for the product produced by the industry.
C. a decrease in the price of the product produced by the industry.
D. a decrease in the prices of inputs that substitute for labor.
A. a decrease in the prices of inputs that complement labor.
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Suppose an individual experiences a permanent increase in income. As a result of this increased income, further assume that the individual eats dinner at restaurants more frequently each month
This information suggests that dinners at restaurants for this individual are A) an inferior good. B) a substitute good. C) a normal good. D) both complimentary and inferior.
Consumer equilibrium occurs at:
a. any point of intersection between the budget line and an indifference curve. b. a point of tangency between the budget line and an indifference curve. c. the point where the slope of the indifference curve equals the ratio of the quantities. d. a point where the budget line cuts the curve from below.
If Congress failed to keep the deficit below the ceiling, then the Gramm-Rudman-Hollings Act required
A. Automatic stabilizers. B. Automatic spending cuts. C. Automatic tax increases. D. A balanced budget.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of one beer is
A. 1/4 of a gardenburger. B. 1 gardenburger. C. 2 gardenburgers. D. changing as Mr. Lingle moves down his budget constraint.