A decrease in supply will cause a surplus at the original market price
a. True
b. False
Indicate whether the statement is true or false
False
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If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then the cross price elasticity of the quantity of product A with respect to price of product B is
A) 5. B) -5. C) 0.2. D) -0.2.
Which of the following is not a function of government?
a. promotion of competition b. stabilization to achieve the macroeconomic goals c. redistribution of income through taxation and transfer payments d. production of public goods e. providing the economy's private goods
The fiscal stimulus bills of 2001, 2008, and 2009 were unusual examples of rapid implementation of fiscal policy
a. True b. False Indicate whether the statement is true or false
Today's supply curve for gasoline could shift in response to a change in
a. today's price of gasoline. b. the expected future price of gasoline. c. the number of buyers of gasoline. d. All of the above are correct.