During the severe 2007-2009 recession, Delta Airlines sold ________ passenger tickets and ________ the prices of the tickets it did sell. The result was a $1.2 billion loss in 2009
A) fewer; raise B) more; raise C) more; cut D) fewer; cut
D
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For a typical person who is currently earning a low wage rate, the
a. substitution effect of a wage rate increase usually is stronger than the income effect b. substitution effect of a wage rate increase usually is weaker than the income effect c. income effect of a wage rate increase is usually zero d. substitution effect of a wage rate increase is usually zero e. substitution and income effects of a wage rate increase tend to work in the same direction
When the actual price level in an economy turns out to be lower than that expected in the short run, _____
a. businesses cut back production b. the potential output level decreases c. the aggregate supply curve shifts leftward d. the aggregate supply curve shifts rightward e. an expansionary gap develops