Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:
A. consumer at the electronics store; the e-Bay transaction did not occur in a market.
B. consumer at the electronics store and a seller on e-Bay.
C. seller in both markets.
D. consumer in both markets.
Answer: B
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Holding everything else constant, an increase in the price of raisins will result in
A) an increase in the quantity of raisins demanded. B) a decrease in the quantity of raisins demanded. C) an increase in the demand for raisins. D) a decrease in the supply of raisins.
If people who report being unemployed are not, in fact, trying hard to find a job, then the reported unemployment rate will be biased upward
a. True b. False Indicate whether the statement is true or false
Monetary neutrality means that a change in the money supply
a. does not change real GDP. Most economists think this is a good description of the economy in the short run and in the long run. b. does not change real GDP. Most economists think this is a good description of the economy in the long run but not the short run. c. does change real GDP. Most economists think this is a good description of the economy in the short-run and the long run. d. does change real GDP. Most economists think this is a good description of the economy in the long run but not the short run.
In contrast to changes in government spending, tax changes affect spending
A. directly. B. in the same proportion. C. by a greater amount. D. indirectly.