Category: Introduction To Economics

A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good

A. incomes
B. prices of related goods
C. tastes
D. all of the above

A. the countries of Western Europe have set high minimum wage rates.
B. Unions in Western Europe keep the wage high
C. none of these answers.
D. The countries of Western Europe have protected their industries from foreign corporation
E. Workers in the united states are highly productive

A. improving the education of workers
B. raising union wages.
C. raising minimum wages.
D. restricting trade with foreign countries.

A. adjusting for changes over time
B. adjusting for data collection errors
C. adjusting for population changes
D. adjusting or changes in prices

A. individual building blocks in the economy
B. the relationship between different sectors on the economy
C. household purchase decisions
D. the economy as a whole

A. Market forces
B. Government intervention
C. A mixture of government intervention and the free market
D. The creation of unlimited resources

A. The money you spent on a theater show
B. The money you could have made if you had stayed at home and worked
C. The money you spend on airline tickets
D. the money you spent on food

A. the time lost in finding it
B. the quantity of other goods sacrificed to get another unit of that good
C. the expenditure on the good
D. the loss of interest in using savings

A. technology
B. input costs
C. government regulation
D. all of the above