If a binding price floor is imposed on the video game market, then
a. the quantity of video games demanded will decrease.
b. the quantity of video games supplied will increase.
c. a surplus of video games will develop.
d. All of the above are correct.
d
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The principal danger to Japan in 2001 when the yen was appreciating was that this would
A. increase aggregate demand and make inflation worse. B. decrease aggregate demand and make the recession worse. C. decrease aggregate demand and make inflation worse. D. increase aggregate demand and make the recession worse.
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below. Acme Manufacturing: TC = 100 + 3Q. Generic Industries: TC = 500 + 3Q. Which of the following statements is true?
A. Marginal cost at each firm depends on the level of output. B. Acme and Generic have the same marginal cost. C. Acme has greater economies of scale than does Generic. D. Acme has a lower marginal cost than does Generic.
In Figure 3-7 above, a $250 increase in AP causes
A) Y to increase by $1250. B) induced saving to increase by $250. C) consumption to increase by $1000. D) all of the above.
Which of the following groups had the highest median income in the U.S. in 2008?
A. Hispanic B. White (non-Hispanic) C. Asian D. Black