If households consume less at each level of disposable income, they are
A. working less.
B. saving more.
C. spending more.
D. saving less.
Answer: B
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If the price of Pepsi decreases, all else held constant, then we'd expect to see a consequent shift of the demand curve for
A. Pepsi to the right. B. Coke to the right. C. Coke to the left. D. Pepsi to the left.
A decrease in the long-run average total cost as output increases is due to
A. a declining average fixed cost. B. externalities. C. the law of diminishing returns. D. economies of scale.
The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to
(a) negotiate with unionized labor. (b) keep hours at a minimum. (c) pay maximum wages. (d) do all of the above.
Which one of the following industries is best classified as an oligopoly?
A. wheat farms in the United States B. textbook publishers C. retailing D. fast food restaurants