Consumers of most goods usually experience diminished satisfaction in each additional unit consumed. However, when variety appears endless, this may not be the case. Consider manufactured goods between 1890 and 1910
Indicate whether the statement is true or false
True
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________ taxes are taxes paid when purchasing specific goods such as alcohol, tobacco, and gasoline
A) Property B) Payroll C) Wealth D) Excise
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A) 2 gallons of wine. B) 3 gallons of wine. C) 0.5 gallons of wine. D) 0.33 gallons of wine.
Assume a country experiences heavy capital outflows. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions? Assume the exchange rate is stated as: (Domestic currency/Foreign currency)
a. Start the analysis in the foreign exchange market with demand shifting to the right. b. Start the analysis in the foreign exchange market with supply shifting to the left. c. Start the analysis in the foreign exchange market with supply shifting to the right. d. Start the analysis in the real credit market with demand shifting to the left. e. Start the analysis in the real credit market with demand shifting to the right.
File-sharing programs such as Napster, Kazaa, and iMesh make it possible for individuals to exchange music files over the Internet
All else constant, which of the following statements best describes how the development of these programs has affected the retail market for new music CDs? A) Demand for CDs has decreased, causing equilibrium price and quantity to decrease. B) Demand for CDs has increased, causing equilibrium price and quantity to increase. C) Demand for CDs has decreased, causing equilibrium price to decrease and equilibrium quantity to increase. D) Demand for CDs has increased, causing equilibrium price to increase and equilibrium quantity to decrease.