An increase in consumers' incomes will have what effect on the equilibrium in the restaurant meals market?
a. Price will increase, and quantity will increase.
b. Price will decrease, and quantity will increase.
c. Price will increase, and quantity will decrease.
d. Price will decrease, and quantity will decrease.
e. Price will increase, and quantity will stay the same.
a
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Liz has a comparative advantage in ________ because ________
A) smoothies; she can produce more smoothies per hour than Joe can B) salads; she can produce more salads per hour than Joe can C) smoothies; her opportunity cost of producing smoothies is lower than Joe's D) both goods; she can produce more of both goods per hour than Joe can E) salads; her opportunity cost of producing salads is lower than Joe's
Which of the following countries experienced the lowest level of output per capita in 2011?
A) United States B) France C) Japan D) United Kingdom