An increase in the quantity of tea demanded occurs if:
A. the income of tea drinkers increases.
B. the price of coffee rises.
C. the price of the tea falls.
D. the population of tea drinkers grows.
Answer: C
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The unemployment rate is the ________ who are unemployed
A) number of people in the labor force B) percentage of people in the labor force C) percentage of people in the country D) percentage of the working-age population
How does a person's perception of whether a good is a necessity or a luxury affect his or her purchases of it?
(A) People will not purchase necessities if the price increases. (B) A good that is perceived as a necessity will be purchased even if the price rises. (C) People who have a lot of money will buy goods even if they think they are a luxury. (D) A good that is perceived as expensive will no longer be considered a necessity.