Since people respond to incentives, we would expect that, if the average salary of accountants increases by 50% while the average salary of teachers increases by 20%, then
a.fewer students will take degree courses in accounting and more will take education courses.
b.fewer students will take degree courses in education and more will take accounting courses.
c.fewer students will attend university.
d.none of these answers.
Answer is b.fewer students will take degree courses in education and more will take accounting courses.
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Which of the following would most likely cause a rightward shift in an economy's aggregate supply curve?
A) An increase in interest rates B) A tax increase of 50 cents per gallon for gasoline C) An across-the-board reduction of wages in the manufacturing sector D) The passage of legislation mandating a reduction in automobile pollution E) The shutdown of plants and movement of production of goods abroad
High-income countries are also referred to as
A) agrarian countries. B) industrial countries. C) developing countries. D) growing countries.