The unionization rate in the United States has been
A. Declining for over 40 years.
B. Increasing for the last 5 years.
C. Declining for approximately 15 years.
D. Declining for approximately 30 years.
Answer: A
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If an increase in a person's income causes that person to buy more apples, then apples are
a. neutral with respect to price b. complements c. inferior goods d. normal goods e. substitute goods
Tobacco production is one of the more heavily subsidized industries in the United States. Suppose that as a result of intense lobbying from health-related concerns, Congress repeals the tobacco firms' subsidies. Which of the following scenarios would likely occur?
A) The tobacco firms' supply curve would shift rightward, as it would now be cheaper to produce each level of output. B) The tobacco firms' supply curve would shift leftward, since it would now cost more to produce each level of output. C) The tobacco firms would not experience any shift in their supply curves; subsidies don't affect output. D) There would be a movement along the supply curve for tobacco, but the supply curve would not shift.