A decrease in the price of milk will
a. increase the demand for milk.
b. reduce the demand for milk.
c. reduce the demand for orange juice, a substitute for milk.
d. do both a and c
C
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Refer to Table 19-30. Based on the table above, what is personal income for this economy?
A) $1,950 billion B) $2,030 billion C) $2,450 billion D) $5,130 billion
The market-friendly approach to development emphasizes
a. self-interested behavior of public officials in LDCs. b. the dependence of LDCs on former colonial powers. c. the inherent efficiency of markets in developing countries. d. that markets in LDCs fail sometimes and selective interventions can promote economic development.
Given the demand curve in this graph, if price were $1.00, how much is consumer surplus?
A. $0
B. $1.50
C. $5.00
D. $10.50
Money is useful because it serves as a
A. good memorial to national leaders. B. stimulus to the printing industry. C. never wears out. D. store of value.