From Elizabeth I to George III, England strongly influenced the institutional structure of colonial America. This influence is realized today on which of the following fronts?
(a) Private property rights
(b) The role of international trade and finance in the U.S. economy
(c) Population growth through immigration
(d) All of the above
(d)
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A decrease in the price of GPS systems will result in
A) a larger quantity of GPS systems supplied. B) a decrease in the demand for GPS systems. C) a smaller quantity of GPS systems supplied. D) an increase in the supply of GPS systems.
Although there are certain inefficiencies associated with monopolistic competition, society receives a benefit from monopolistic competition in the form of product variety
a. True b. False Indicate whether the statement is true or false
The average income tax rate is:
a. income taxes divided by income. b. income divide by income taxes. c. the change in income taxes when income changes one dollar. d. the change in income when income taxes change one dollar.
People have become more concerned about the negative health effects of eating carbohydrates and fat. Considering these effects only, which of the following best describes the likely effect of this trend on the market for high-carb, high-fat snacks?
A. Demand and supply both shifted to the left leading to a decline in equilibrium price and quantity. B. Demand shifted to the left leading to a decline in equilibrium price and quantity. C. Quantity demanded fell leading to a decline in equilibrium price and quantity. D. Supply shifted to the left leading to a rise in equilibrium price and a decline in equilibrium quantity.