Refer to the accompanying figure. Assume the market is originally at point W. Movement to point Z is a combination of:
A. an increase in supply and an increase in quantity demanded.
B. a decrease in supply and an increase in quantity demanded.
C. an increase in demand and an increase in quantity supplied.
D. an increase in supply and an increase in demand.
Answer: D
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It is estimated that in 2007, Mexico had a population of 110 million and Brazil had a population of 190 million. At the same time, Mexico's GDP was $1 trillion while Brazil's was $1.31 trillion. These data show that
A) Brazil had a healthier economy than did Mexico. B) Mexico's GDP per person was lower than was Brazil's GDP per person in 2007. C) Mexico's GDP per person was $9090 in 2007. D) Brazil's GDP per person was $5300 in 2007.
On May 12, 2011, the U.S. dollar was worth 0.70 euros. How many dollars did it take to buy 1 euro?
A. 0.70 B. 1.43 C. 1.70 D. 2.70
The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%. B. 10%; stays the same. C. 8%; increases by 8%. D. 5%; increases by 7%.
Explain why in cities such as New York City that have rent ceiling laws, so many people who work in the city commute from outside the city
What will be an ideal response?