A tax credit given to first-time home buyers would result in a _____________ shift in the ______________ curve for housing, which would lead to the unintended result of a(n) _____________ in the price of housing.
A. leftward; supply; increase
B. leftward; demand; decrease
C. rightward; supply; decrease
D. rightward; demand; increase
E. none of the above
Answer: D
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Recessions in the U.S. economy show up in economic data as periods of
A) declining prices. B) rising interest rates. C) slower growth or actual decline in nominal GDP. D) slower growth or actual decline in real GDP.
The branch of economics which studies how households and firms interact in markets is called
A) macroeconomics. B) positive economics. C) normative economics. D) microeconomics.
Suppose a farmer knows that he will be able to harvest and sell 3,000 bushels of wheat. Would he prefer a market in which conditions are favorable and most farmers harvest large crops or a market in which conditions are unfavorable and many farmers harvest small crops? Why?
Which of the following groups has an interest in encouraging free trade?
A. Workers in export industries. B. Producers in import-competing industries. C. Neither workers nor producers in any industry are in favor of trade. D. Workers in import-competing industries.