"A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise." These statements
What will be an ideal response?
contain one error; the lower gasoline prices would cause an increase in the quantity demanded of gasoline, not an increase in demand.
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Your textbook discusses "dry" counties in the U.S. What is a dry county?
A) A county where rainfall is below the national average B) A county that experiences no rainfall C) A county in which it is illegal to produce, purchase and sell alcohol D) A county in which only dry gin is consumed
If nominal GDP exceeds real GDP for a specific year, then the GDP deflator must be
A) greater than 100. B) less than 100. C) equal to 100. D) less than 0.
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
A. households B. business firms C. unemployed people D. the division of labor
Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws