General equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously.
B) how an equilibrium is determined in all closely related markets.
C) the effects of a change in a market, and all spillover effects in all related markets.
D) Any of the above.
D
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All of the following are stock market indexes except
A) the Dow Jones Industrial Average. B) the Russell 100 C) the Standard & Poor?s 500. D) the Wilshire 5000.
A government-set price floor on a product
A. is intended to benefit the buyers of the product. B. will attract more resources towards the production of the product. C. does not interfere with the rationing function of price in a market system. D. will drive resources away from the production of the product.
A major stumbling block to the completion of the Uruguay Round was a disagreement between the United States and the EU over rules covering international trade in
A) services. B) steel. C) agricultural products. D) textiles.
If consumers spend more money on coffee than on sugar, then the demand for a pound of coffee is probably _________________ than is the demand for a pound sugar of because ________________.
A. less price elastic; coffee requires a larger portion of consumers' incomes. B. more price elastic; coffee requires a larger portion of consumers' incomes. C. less price elastic; people will take a longer time to adjust to the change in its price. D. more price elastic; people will take a longer time to adjust to the change in its price