A tax on consumers will cause the demand curve to shift
A. right.
B. left.
C. up.
D. down.
B. left.
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Someone who says he loves his mother far more than he loves football but nonetheless attends a football game when he could be visiting his mother
A) displays weakness of will. B) is a hypocrite. C) is behaving inconsistently with his own stated values. D) places a lower marginal value on visiting his mother than on attending the football game. E) shows that the marginal value of visiting his mother is less for him than the marginal cost of attending the football game.
The distinguishing characteristics of different market structures include
a. how frequently the product is purchased b. the extent of capitalization in the industry c. the presence or absence of technological innovation d. the presence or absence of collusion e. both the number of sellers and the number of buyers
Suppose that the price level has risen but the government has not collected any seigniorage. Which of the following might have happened?
A. V rose, M and Y were constant. B. Y rose, M and V were constant. C. M rose, Y and V were constant. D. M rose, Y fell, V was constant.
The long-run result of government intervention in responding to a recession is:
A. lower level of output at the same prices. B. higher level of output at lower prices. C. higher level of output at higher prices. D. the same level of output at higher prices.