In the above figure, the shift in the demand curve from D to D1 can be the result of
A) a decrease in income if pizza is a normal good.
B) a decrease in the price of a sub sandwich, a substitute for pizza.
C) an increase in the price of soda, a complement to pizza.
D) an increase in the number of teenagers, all of whom demand more pizza than do other age groups.
E) new technology that increases the profit from producing pizza.
D
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The table above gives some data about GDP in a country for two years. Using these the chained-dollar method for calculating real GDP, real GDP increased by ________ percent between these two years
A) 6 B) 5 C) 10 D) 4 E) 2
If an import quota is imposed on imports of shrimp into the United States, U.S. consumers ________ and the U.S. economy will ________
A) gain; lose B) gain; be unaffected C) gain; gain D) lose; lose E) lose; gain
A macroeconomic policy action will have a longer-term effect on aggregate demand if people
A. have habit formation in consumption. B. have rational expectations. C. have rational inattention. D. update the way they make decisions frequently.
Explain why gasoline stations across the street from each other with large signs displaying their prices may "legally" jointly set monopoly prices
What will be an ideal response?