As the income for bus consumers increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left
b. The demand curve will shift to the left; the supply curve will shift to the right
c. The demand curve will shift to the right; the supply curve will shift to the left
d. The demand curve will shift to the right; the supply curve will shift to the right
b
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Relative to private firms, we should expect public bureaus to be
a. smaller b. more cost-efficient c. less responsive to consumer demand d. more concerned with adopting new technologies e. more in tune with consumer desires
Which of the following is the best indicator of the performance of the national economy?
a. The budget deficit of the federal government b. The stock of capital goods (machinery) in the nation c. The nation's stock of money d. The balance of trade with other nations e. The value of the final goods and services produced in the nation