Which of the following crises involved the use of "tesobonos"?
A. The Mexican crisis in 1994
B. The 2007 global financial crisis
C. The Asian currency crisis in 1997
D. The 1982 debt crisis
Answer: A
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General Motors estimates that U.S. demand for its newest product will be: Qus = 30,000 - 0.5P. Export demand will be Qex = 25,000 - 0.5P. The total market demand curve for this product will be a
A) straight line with a slope of -0.5. B) straight line with a slope of -1.0. C) kinked line with the kink at Q = 25,000. D) kinked line with the kink at P = 50,000. E) none of the above
An increase in price:
A. cannot cause a quantity effect. B. cannot cause a price effect. C. causes a decrease in revenue resulting from selling fewer units and a simultaneous increase in revenue resulting from receiving a higher price. D. causes an increase in quantity demanded.
Unplanned inventory reduction causes firms to:
a. produce less output. b. lower prices on the products it sells. c. change its promotional strategies. d. produce more output.
Figure 3-1
Which of the following is true regarding the market for steak shown in ?
a.
If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy.
b.
If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy.
c.
If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy.
d.
All of the above are true regarding the market for steak shown in the figure.