Refer to the above table. The price of a hamburger is $2, the price of a movie is $10, and the consumer has $44. What is the change in quantity demanded of hamburgers if the price of a hamburger decreases to $1?
A. Quantity demanded increases by 2 hamburgers.
B. Quantity demanded increases by 4 hamburgers.
C. Quantity demanded increases by 1 hamburger.
D. Quantity demanded increases by 3 hamburgers.
Answer: A
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Define the following terms and explain their importance to the study of macroeconomics:
a. exchange rate b. depreciation c. devaluation d. fixed exchange rates
A checking deposit functions as
a. a medium of exchange and as a store of value. b. a medium of exchange, but not as a store of value. c. a store of value, but not as a medium of exchange. d. neither a medium of exchange nor as a store of value.
Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
If a consumer is able to move from point B to point C, she is also able to move from point:
A. H to point I. B. E to point G. C. D to point F. D. H to point J.
Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
A. a tariff. B. free trade. C. comparative advantage. D. a quota.