Wal-Mart imports $_______ billion a year of microwave ovens, TV's, DVD players, toys, shoes apparel and other goods from _______.
Fill in the blank(s) with the appropriate word(s).
20; China
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If marginal utility is positive but diminishing, as more units of a good are consumed, then the total utility from the good must be
A) falling. B) positive and rising at an increasing rate. C) positive and rising at a decreasing rate. D) positive and rising at any rate.
Suppose labor supply declined. Would this affect the aggregate demand curve or the aggregate supply curve? What would be the effect on output and the price level?
What will be an ideal response?
The demand for salt is
a. inelastic because there are few substitutes for salt and it represents a large percentage of a consumer's budget. b. inelastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget. c. inelastic because there are few substitutes for salt and it represents a small percentage of a consumer's budget. d. elastic because there are no substitutes for salt and it represents a large percentage of a consumer's budget. e. elastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget.
If the cross-price elasticity of demand for SUVs with respect to the price of gasoline is -0.10, and gasoline prices rise by 18 percent, then SUV sales should, ceteris paribus,
A. Rise by 1.8 percent. B. Fall by 18 percent. C. Rise by 18 percent. D. Fall by 1.8 percent.