What is an example of a good whose price goes down because of improvements in technology?
What will be an ideal response?
Answer: computer printers
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Refer to Table 11.1. If exports decrease by 30, what is the new equilibrium level of output?
A) 1,700 B) 2,300 C) 6,800 D) 9,200
As the relative price of a good falls, the substitution effect implies that people buy
A) less of that good and more of its substitutes. B) more of that good and less of its substitutes. C) less of that good and less of its substitutes. D) more of that good and more of its substitutes.
Vertical contracts between manufacturers and retailers often aim to
a. Incentivize the manufacturers to undertake costly activities, which they otherwise may not realize the full benefits of on their own b. Reward the manufacturers for undertaking the risk inherent in introducing a new product c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
Although the U.S. economy stabilized and GDP increased as a result of the programs created by President Roosevelt during the First Hundred Days, unemployment remained high, prompting Roosevelt to create the civil works administration, works progress administration, which employed millions of americans as part of what overall domestic program?