NIPA annual revisions usually occur
A. every July.
B. every January.
C. every October.
D. every April.
Answer: A
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The appreciation of the dollar will make U.S. goods ________ to foreigners and make imports ________ for U.S. residents
A) more expensive; cheaper B) cheaper; more expensive C) more expensive; more expensive D) cheaper; cheaper
For an addictive drug such as heroin, if the price of heroin increases, then
A) the quantity demanded never changes. B) the quantity demanded will decrease by a relatively large amount. C) the quantity demanded will actually increase. D) the quantity demanded will decrease by a relatively small amount.
Which of the following is an example of a good with a highly elastic demand curve?
a. Pencils b. Books c. Bread d. Sports vehicles
Courtney goes for an hour bike ride which yields a marginal utility of 8. She stops and gets an ice cream cone, and then rides her bike for another hour. We can say:
A. the utility gained from the ice cream was less than the second hour of bike riding. B. the utility gained from a third hour of biking would be less than the utility gained from the one ice cream. C. the utility gained from the ice cream was more than 8. D. the utility gained from a second ice cream cone was more than a second hour of bike riding.