(Consider This) Violin strings made from sheep intestines were first called "catgut" because:
A. at the time it was thought to be extremely unlucky to kill sheep.
B. the inventor wanted to establish a legally protected brand name.
C. the inventor wanted to preserve his trade secret.
D. the inventor thought that "catgut" would sound less offensive to buyers than "sheep
intestines."
Answer: C
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If a rise in the price of good X causes the quantity demanded of good X to fall, then
a. the Engel curve for good X is downward sloping. b. the (ordinary) demand curve for good X is downward sloping. c. the demand for good X is elastic. d. good X must be a Giffen good.
Net investment is
A) the same as gross investment. B) gross investment minus depreciation. C) the same as depreciation. D) the same as wealth. E) gross investment plus depreciation.
An initial increase in aggregate demand that is NOT followed by an increase in the quantity of money results in a long-run equilibrium with
What will be an ideal response?
Governments can eliminate market surpluses through the imposition of price floors.
Answer the following statement true (T) or false (F)