Suppose the price of gasoline and other petroleum products decline sharply. Which of the following will most likely occur as a result of the lower petroleum prices?
a. an increase in demand for solar heating systems
b. an increase in demand for larger, more powerful automobiles
c. an increase in demand for home insulation products
d. an increase in demand for gasoline
b
Economics
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A high-wage country cannot afford free trade with a low-wage country. The high- wage country will either be undersold or its workers will be forced to accept lower living standards
a. True b. False
Economics
Economists study poverty and income inequality to answer which of the following questions?
a. What are people's wages? b. How does labor-force experience affect wages? c. How much inequality is there in society? d. How do people adjust their behavior due to taxation?
Economics