When Andrew earns no income, his base consumption is $500 . When he earns $3,000 per week, he consumes $2,100 per week and saves the rest. If his weekly income increases by $1,000 . then his total consumption is expected to increase to _____

Which of the following statements about the financial crisis that began in 2008 is true?

A) It was a great illustration of how interdependent national economies are. B) Most economists agree that it originated in China. C) It only lasted 3 weeks. D) It only affected housing markets.

Other things being equal, a labor union will find it harder to obtain a wage increase for its members the:

A. Less elastic is the demand for the product labor produces B. Easier it is to substitute other resources for labor C. Greater the amount of unionization in the industry D. Less elastic is the demand for labor