An increase in a consumer’s income will always increase the demand for a good.
Answer the following statement true (T) or false (F)
False
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Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) 1% B) 2% C) 5% D) 10%
A small open economy would typically enjoy a higher trade balance if, in the domestic economy, ________
A) autonomous consumption expenditures decrease B) taxes go up C) government spending decreases D) all of the above E) none of the above
The revenue curves that a monopoly faces are different from those that a perfectly competitive firm faces in that the:
A. marginal revenue curve is downward sloping instead of flat. B. average revenue curve is no longer equal to price. C. marginal revenue curve is now flat instead of downward sloping. D. total revenue curve for a monopoly is linear.
If a demand curve shifts left, it implies
A) as a group, consumers are willing and able to pay less for the product. B) as a group, consumers are willing and able to pay more for the product. C) government has regulated how many people can purchase the product. D) the profit motive of the firms is making the price too high.