Fresh tuna can be canned or used to make sushi. Other things equal, if consumers start demanding more sushi?
a. The price of tuna will fall.
b. Less tuna will be canned and more will be used in tuna sushi.
c. The supply of fresh tuna will decrease.
d. The price of tuna sushi will fall.
e. None of the above.
b. Less tuna will be canned and more will be used in tuna sushi.
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If Jane's marginal benefit as a consumer in the jeans market is larger than the price of a pair of jeans:
a. Jane will not purchase any more jeans. b. Jane can benefit by purchasing more jeans. c. the opportunity cost of a pair of jeans is lower than the price. d. Jane will decrease her total utility by purchasing more jeans.
In the Keynesian causal chain, changes in GDP cause changes in the level of interest rates.
Answer the following statement true (T) or false (F)
Innovation tends to be an extremely competitive activity that allows few opportunities for firms to share information with one another.
Answer the following statement true (T) or false (F)
Which question is an illustration of a macroeconomic question?
A. Is a corporation unresponsive to the demands of its customers? B. How will the government's budget deficit be affected by public infrastructure projects? C. Is a consumer boycott an effective means of reducing a product's price? D. Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline?