Suppose you drive a car that gets good gas mileage, and you notice that more and more people are driving gas-guzzling cars. Their increased demand for gas:
A. is likely to cause the price you pay for gas to increase.
B. does not change the price you pay, but it reduces the quantity of gas supplied.
C. is likely to cause the price you pay for gas to decrease.
D. does not affect you.
Answer: A
You might also like to view...
Refer to Table 8-19. Given the information above, calculate the GDP deflator in 2015
A) 87 B) 95 C) 105 D) 114
Refer to Figure 9.5. The firm is producing Q units. Which area represents avoidable cost?
A. ABCDE
B. EDGF
C. EDCHF
D. CHGD
If you produce a graph with consumption spending on the vertical axis and disposable income on the horizontal axis, the relation between consumption and income will
a. be inverse. b. be transcendental. c. shift unpredictably. d. be direct.
The investment rate is the percentage of total output allocated to
A. The production of new plants, equipment, and structures. B. Education and training for the workforce. C. Consumer retirement accounts. D. Saving.