The U.S. demand for foreign cars has increased dramatically since the early 1900s because
(a) Americans perceive foreign cars as lower quality cars than U.S.-produced cars.
(b) foreign producers are manufacturing relatively fuel-efficient cars.
(c) U.S. consumer demand for large, fuel inefficient cars has increased.
(d) of all of the above reasons.
(b)
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According to this Application, in recent years the European Union has reformed its agriculture policies by reducing or eliminating minimum prices. Ceteris paribus, these policy reforms would ________ excess supply by ________ prices
A) increase; lowering B) increase; raising C) reduce; lowering D) reduce; raising
If a demand curve is unit elastic, then P times Q will remain constant when P changes
a. True b. False Indicate whether the statement is true or false
One World View article is titled "Glaring Inequalities." Of the countries listed, the least inequality in the distribution of income is likely to occur in
A. Japan. B. Botswana. C. South Africa. D. United States.
A decrease in aggregate demand will have no effect on the real equilibrium GDP of the economy and will lower its price level in the short run.
Answer the following statement true (T) or false (F)