If Ford raises the price of its automobiles, the demand curve for GM automobiles
a. shifts to the left
b. is unaffected
c. becomes more elastic
d. shifts to the right
e. becomes vertical
D
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If the percentage change in the quantity supplied of a good is less than the percentage change in price of the good, the good is said to have a(n):
A) inelastic supply. B) unit elastic supply. C) elastic supply. D) perfectly elastic supply.
"Ceteris paribus" means:
a. if events A and B occur together, one must cause the other b. all relevant details are included c. what is true for the individual must be true for the whole. d. holding other things constant.
Other things the same, which of the following would both make Americans more willing to buy Italian goods?
a. the nominal exchange rate falls, the price of goods in Italy falls b. the nominal exchange rate falls, the price of goods in Italy rises c. the nominal exchange rate rises, the price of goods in Italy falls d. the nominal exchange rate rises, the price of goods in Italy rises
Economics is a social science that involves the study of how individuals
A. develop their goals and objectives in life. B. develop their tastes and preferences. C. pursue happiness. D. choose among alternatives to satisfy their unlimited wants.