When the Art Institute of Chicago purchases a painting by Mary Cassatt that she produced in Paris in 1885, this would not be included in the U.S. GDP for 2015.
Answer the following statement true (T) or false (F)
True
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In July, market analysts predict that the price of gold will rise in August. What happens in the gold market in July, holding everything else constant?
A) The supply curve shifts to the right. B) The demand curve shifts to the left. C) The quantity demanded and the quantity supplied increase. D) The supply curve shifts to the left.
A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found where
A) the marginal products of chemicals and labor are equal B) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the marginal product of chemicals to the marginal product of labor C) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the price of chemicals to the wage rate D) the production of an additional unit of dynamite costs the same regardless of whether chemicals or labor are used E) none of the above
Which of the following is true concerning the income effect of a decrease in price?
A) It will lead to an increase in consumption only for a normal good. B) It always will lead to an increase in consumption. C) It will lead to an increase in consumption only for an inferior good. D) It will lead to an increase in consumption only for a Giffen good.
If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n):
A. depletion of inventories. B. shortage. C. surplus. D. equilibrium.