If total consumer expenditures (in dollars) for bus transportation were to increase when the price of bus transportation was raised, the demand for bus transportation probably
A) had decreased.
B) had increased.
C) violated the law of demand.
D) was elastic.
E) was inelastic.
E
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U.S. and Japanese automakers __________ during the automobile VER of the 1980s.
a. both suffered losses b. were locked in a contentious trade war c. both enjoyed higher prices and higher profits d. both felt that the other side had more gains
The primary legislative branch of the European Union is called the
A) European Commission. B) European Parliament. C) European Council of Ministers. D) Council of the European Union.
In the product markets, households
A. are the sellers of resources. B. are neither buyers nor sellers in the market. C. are the buyers of goods and services. D. none of these is correct.
Answer the following questions true (T) or false (F)
1. An increase in exports decreases aggregate demand. 2. An increase in disposable income will shift the aggregate demand curve to the right. 3. An increase in the price level causes a movement down the aggregate demand curve.