If there is an increase in demand for a good,
a. there will be an increase in demand for the inputs that produce it.
b. there will be a decrease in demand for the inputs that produce it.
c. there will be an increase in supply of the inputs that produce it.
d. there will be a decrease in supply of the inputs that produce it.
a
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Professor I.M. Dismal returns to campus in the fall to find that the bookstore is charging 10% more for the new economics textbooks he ordered this year compared to last year
On the basis of this information, and using the economic way of thinking, what can Professor Dismal clearly conclude? A) The economy has experienced a 10% inflation over the year. B) The economy has experienced a 10% deflation over the year. C) The economy has experienced a disinflation over the year. D) The economy has experienced a steady price level over the year. E) The bookstore is charging 10% more for the new textbooks he ordered this year compared to last year.
Suppose that during a given month 500,000 persons quit their job to become self-employed. This will cause
A) the unemployment rate to fall. B) the unemployment rate to rise. C) payroll employment to rise. D) payroll employment to fall. E) no change in either the unemployment rate or payroll employment.