Related to the Economics in Practice on p. 673: Protectionism of the kind that is suggested in the petition of the candle makers would most likely result in
A. more efficient production.
B. lower prices.
C. lower consumption.
D. lower production cost.
Answer: C
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Which of the following would not cause the demand curve for peaches to shift?
a. an increase in the price of apricots b. a decrease in the price of nectarines c. an increase in the price of peaches d. a change in preferences for peaches e. a decrease in the income of peach buyers
The primary reason people hold money is
a. to keep wealth in a less liquid form. b. to use it as a medium of exchange. c. to use it for investment. d. to earn interest.
Suppose that in a month the price of a cup of coffee increases from $1 to $1.50. At the same time, the quantity of cups of coffee demanded decreases from 200 to 190. The price elasticity of demand for cups of coffee (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.
Answer the following questions true (T) or false (F)
1. The U.S. federal government has experienced dramatic swings in the state of its budget over the past 20 years. 2. In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G. 3. Economists have not found a way to predict when recessions will begin and end.