Economic estimates of a "modest upside" to casino gambling suggest that the "local substitution" is
A. complete.
B. slight.
C. nearly, but not totally, complete.
D. zero.
Answer: C
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Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will
A) cause the market supply curve to shift to the right. B) increase the market demand for pizza. C) cause a decrease in the quantity supplied at each price. D) have no impact on market supply as long as the demand for pizza remains strong.
Refer to Table 8-7. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. Calculate nominal GDP for this simple economy
What will be an ideal response?
Which of the following statements is true for a normal good?
(a) An increase in income will result in an increase in supply, ceteris paribus. (b) An increase in income will result in an increase in demand, ceteris paribus. (c) An increase in income will result in an decrease in demand, ceteris paribus (d) An increase in income will have no effect on demand, ceteris paribus.
The trade feedback effect refers to the tendency for an increase in the economic activity in one country to lead to a worldwide in economic activity, which then feeds back to the first country.
Answer the following statement true (T) or false (F)