If retailers' marginal cost from providing product-specific services for a new smart television is $50, if retailers offer the product-specific services for the television, the market ________ will ________.
A) supply; parallel shift to the left by $50
B) supply; parallel shift to the right by $50
C) demand; not shift
D) demand; parallel shift to the left by $50
A) supply; parallel shift to the left by $50
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If the MPC is 0.8 and the tax rate is 20%, the expenditure multiplier will equal
A) 1.19. B) 2.78 C) 4.0. D) 6.0.
The most likely reason that oil prices spiked during 2007-2008 was because
a. suppliers drastically cut back on production b. speculators heavily invested in the futures market c. there was an increase in demand due to an increase in usage d. there was an increase in demand as buyers began to hoard oil for future use e. suppliers increased their production to match the increase in demand
The demand for reserves increases as the price level rises because
a. people want money to buy goods that will appreciate with inflation. b. people need more money to finance transactions. c. the opportunity cost of holding money increases. d. higher prices reduce the value of dollar assets.
Economics may be referred to as a(n) ________ science, meaning that data is looked at to see whether assertions are correct.
A. soft B. exact C. natural D. empirical