Unseasonably warm weather in Georgia resulted in a bumper crop of peaches. Ceteris paribus,
A. the supply of peaches decreased and the price of peaches increased.
B. the supply of peaches increased and the price of peaches decreased.
C. the demand for peaches decreased and the price of peaches decreased.
D. the demand for peaches increased and the price of peaches increased.
Answer: B
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The personal income tax varies as GDP changes.
Answer the following statement true (T) or false (F)
Congress is debating whether to raise taxes by $100 billion or decrease spending by $100 billion in order to eliminate a budget deficit. Which action will have the larger effect on equilibrium GDP?
A. The increase in taxes B. The decrease in spending C. The effects will be equal D. Not possible to determine without knowing the multiplier
The demand curve for a good is horizontal when it is:
A. a unitary elastic good. B. a perfectly inelastic good. C. an inferior good. D. a perfectly elastic good.
Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The asymmetric information about kiwifruit was reduced by:
A. reducing the price of U.S. kiwifruit. B. advertising. C. a federal government marketing order. D. All of these