Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease
b. A 50 percent reduction in the price of steaks
c. A double-digit increase in the price of chicken
d. A recession leading to a significant fall in the income levels of consumers
e. The expectation that the price of steaks will double within two months
d
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Indicate whether the statement is true or false
If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the left, everything else held constant
A) purchases; decreases B) sales; decreases C) purchases; increases D) sales; increases
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A) so-called "blue-chip" companies. B) hedge funds. C) internet companies. D) mutual funds.
A singer would willingly perform in a concert for $100,000. If she is paid $500,000 for the concert, she is
A) receiving $500,000 to cover her opportunity cost. B) not being paid her full opportunity cost. C) receiving $400,000 of economic rent. D) certainly being paid more than warranted by the level of demand.