If large numbers of young Americans thought the life of a cowhand was great (despite the hardships), we would expect
a. an increase in the wages of cowhands.
b. a decrease in the wages of cowhands because demand would be reduced.
c. no impact on wages, which are determined by supply and demand, not preferences.
d. a decrease in the wages of cowhands because supply would be enlarged.
d. a decrease in the wages of cowhands because supply would be enlarged.
Economics
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The more substitutes available for a product, the
A) larger is its price elasticity of demand. B) smaller is its income elasticity of demand. C) smaller is its price elasticity of demand. D) larger is its income elasticity of demand.
Economics
If the value of the euro increases relative to the U.S. dollar, then French goods will be less expensive in the U.S
a. True b. False
Economics