The quantity of DVD players purchased declined in spite of a decline in price. This implies that the
A. supply curve for DVD players shifted to the left.
B. demand curve for DVD players shifted to the right.
C. demand curve for DVD players shifted to the left.
D. supply curve for DVD players shifted to the right.
Answer: C
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You are trying to decide if you should take a vacation. Your cost-benefit analysis indicates that the benefits outweigh the costs. You should
A) take a vacation. B) not take a vacation. C) take a vacation only if you have enough cash saved up to pay for it up front. D) More information is needed to make this decision.
Why do we need a units-free measure of the responsiveness of the quantity supplied of a good or service to a change in its price?
What will be an ideal response?
Assume perfect capital mobility. Under a fixed exchange rate system, expansionary fiscal policy causes income to _____, while under flexible exchange rates expansionary fiscal policy causes income to _____
a. increase; increase b. increase; remain unchanged c. increase; decrease d. remain unchanged; increase
Which of the following is the most likely side effect of an increase in the relative size of the underground economy with the passage of time?
a. The growth rate of real GDP will tend to understate the growth rate of total output. b. The growth rate of real GDP will tend to overstate the growth rate of total output. c. The GDP deflator will tend to overstate any increase in inflation. d. The GDP deflator will tend to understate any increase in inflation.