Aggregate demand in an economy with no government or foreign trade is
A) consumer expenditure plus actual investment.
B) consumer expenditure plus planned investment.
C) consumer expenditure plus inventory investment.
D) consumer expenditure plus fixed investment.
B
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When income increases by 6 percent, the demand for potatoes decreases by 2 percent. The income elasticity of demand for potatoes equals
A) -2.00. B) 3.00. C) -3.00. D) 0.33. E) -0.33.
The prototype of suburban tract development was in
A. San Luis Obispo, California. B. Camden, New Jersey. C. Butte, Montana. D. Levittown, New York.
Refer to the information provided in Figure 4.5 below to answer the question(s) that follow.
Figure 4.5Refer to Figure 4.5. Assume that initially there is free trade. If the United States then imposes a $10.00 tariff per CD-Rom drive on imported CD-Rom drives,
A. U.S. imports of CD-Rom drives will increase by 3 million. B. the quantity of CD-Rom drives supplied by U.S. firms will increase by 3 million. C. the price of CD-Rom drives in the United States will decrease to $5. D. the quantity of CD-Rom drives demanded will be reduced by 6 million.
An oligopoly with a dominant price leader will produce a level of output
A. between that which would prevail under competition and that which a monopolistic competitor would choose in the same industry. B. that would prevail under competition. C. equal to what a monopolist would choose in the same industry. D. between that which would prevail under competition and that which a monopolist would choose in the same industry.