How impactful was high shipping demand on customer questions?
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When the substitution effect dominates, a person’s labor supply curve is vertical. is horizontal. slopes upward. slopes downward.
The cost of working one more hour is the lost output due to inefficiency. the hour of leisure that is given up. the wage earned.
The income effect measures how people’s choices change when they have more income. how people’s choices change when they have to work more. the impact of change in relative prices. the change in welfare when income rises.
Economists make economic predictions using: educated guesses based solely on their opinion. data about the economy from the past. information only about other nations. data about how outside economies allocate their resources.
Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25
In a market economy, there is a(n) _______________ relationship between the price of a good and the amount of that good buyers want to buy.
The basic proposition of the law of demand is that:
Studying economics best helps an individual determine how to achieve economic
Which best describes the role of a consumer?
Consumers influence producers because consumers supply
National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a seven-month period were as follows: Month Sales (000 ...
Maslow was mainly concerned with explaining how human needs motivate behavior.
Equilibrium quantity must decrease when demand: increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. increases and supply does not change, when demand does not change and supply increases, and ...
Changing prices to attract customers is most difficult in a: oligopoly market monopoly market purely competitive market monopolistically competitive market
A mixed market economy tends to exist under a communist government that provides little regulation. democratic government that provides some regulation. representative government that provides no regulation. socialist government that provides a lot of regulation.
In the long run, money demand and money supply determine A. the value of money and the real interest rate. B. the value of money but not the real interest rate. C. the real interest rate but not the value of money. D. ...
If the market for a product is broadly defined, then: Answer Options: A) there are few substitutes for the product and the demand for the product is relatively inelastic. B) there are many substitutes for the product and the demand for the product ...
The most important determinant of the price elasticity of demand for a good is: Answer Options: A) the definition of the market for a good. B) the share of the good in the consumer’s budget. C) whether the good is a necessity or a ...
Total revenue equals: Answer Options: A) change in price per unit times quantity sold. B) price per unit times quantity supplied. C) price per unit times change in quantity sold. D) price per unit times quantity sold.
If, in a competitive market, marginal benefit is less than marginal cost A) the net benefit to consumers from participating in the market is less than the net benefit to producers. B) the output is greater than the equilibrium quantity. C) the output ...
Economic efficiency in a competitive market is achieved when A) the marginal benefit equals the marginal cost from the last unit sold. B) consumers and producers are satisfied. C) economic surplus is equal to consumer surplus. D) producer surplus equals the total amount firms ...
Suppliers will be willing to supply a product only if A) the price received is at least equal to the additional cost of producing the product. B) the price received is less than the additional cost of producing the product. C) the price ...
Willingness to pay measures A) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept for the good. B) the maximum price a buyer is willing to pay minus the minimum price a ...
Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shifts to the left, but the supply curve shifts less than the demand curve. As a result: Answer Options: A) the equilibrium price ...
Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result: Answer Options: A) both the equilibrium price and quantity of MP3 players ...
Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that: Answer Options: A) the demand for swimming pool maintenance services has increased. B) the law of supply has been violated. C) the ...
Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that: Answer Options: A) the demand for tarot card readers has increased. B) tarot card readers are deliberately ...
Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase? A) an increase in the price of flour B) a decrease in the price of flour C) an increase in ...
Let D = demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged? A) D no change, ...
In a perfectly competitive market, there are ________ buyers and ________ sellers
In the olive oil market, an increase in the equilibrium price and a decrease in the equilibrium quantity were observed at the same time. This may be due to: Answer Options: a. decrease in olive oil supply. b. increase in olive oil demand. c. ...
Until recently, hamburgers at the city sports arena cost $5.50 each. The food concessionaries sold an average of 6,250 hamburgers on game night. When the price was raised to $6.50, hamburger sales dropped off to an average of 4,500 per ...
“Identify the economic system in which private individuals or corporations own capital goods, like factories, raw materials, and the means (tools) of production.” Answer Options: Mercantile System Laissez Faire Economy Capitalism Bartering system
Why is the slow growth that can result from a contractionary policy a positive effect? It can increase interest rates. It can decrease available credit. It can increase the money supply. It can decrease inflation.
In a mixed market economy, what is a typical way the government can reduce unemployment? A. The government can pay for projects to create work.B. The government can control new factories to provide jobs.C. The government can create new ...
Which explains why the Internet can help people make better economic decisions?
The cargo container improved distribution by introducing which method into the shipping industry?
Which was not a result of use of the assembly line?
Which is most likely to increase when producers make technological improvements?
Which is most likely to increase when producers make technological improvements?
Which improvement did the shipping container bring?
Which is most likely to occur when technology advances?
Which of the following explains why the Internet can help people make better economic decisions? Answer Options: A. Faster communication increases the amount of economic activity. B. Security measures guard people’s private information. C. Purchasing goods and services online is more convenient. D. Information is ...
Which of the following explains why the Internet can help people make better economic decisions? Answer Options: A. Faster communication increases the amount of economic activity. B. Security measures guard people’s private information. C. Purchasing goods and services online is more convenient. D. Information is ...
The price of televisions decreased, which means the demand for _____ will most likely increase. Answer Options: music players cable service computers
“Purchasing power parity is equal value of _____ – a situation in which _____ buys the same amount of goods and services in different currencies.” Answer Options: A. real GDP; real income B. real GDP; money C. money; money D. nominal GDP; nominal income
Economic institutions can shape a culture by: Answer Options: A. Promoting shared rituals and holiday traditions. B. Establishing educational priorities for schools. C. Setting expectations for performance in workplaces. D. Creating laws to punish undesirable behavior.