Who wrote, "People of the same trade seldom meet together, but the conversation ends in a conspiracy against the public, or in some diversion to raise prices."?
a. Thomas Jefferson
b. Adam Smith
c. Bill Gates
d. Robert Axelrod
b
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If a decrease in the price of football tickets increases the total revenue of the athletic department, this is evidence that demand is:
a. price elastic. b. price inelastic. c. unit elastic with respect to price. d. perfectly inelastic.
Market failure can be caused by
a. too much competition. b. externalities. c. low consumer demand. d. scarcity.
Exports of U.S. goods create a ________ U.S. dollars and create a ________ foreign currencies
A) demand for; demand for. B) supply of; supply of C) demand for; supply of D) supply of; demand for
If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table?
A) 97.3 B) 102.8 C) 128.0 D) zero because the price of Blu-rays fell and the price of water increased