The demand for French Roast coffee is likely to be
A. elastic.
B. inelastic.
C. unit elastic.
D. perfectly inelastic.
Answer: A
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Minimum-wage laws
a. reduce unemployment. b. cause labor shortages, which further raise wages above equilibrium. c. affect highly-educated workers more than high school dropouts. d. None of the above is correct.
If there is a technological advance that lowers the cost of producing x-ray machines, then we can say that the
A. quantity supplied of those machines will go up. B. quantity demanded for those machines will increase. C. demand for those machines will shift right. D. quantity supplied of those machines will decrease.
Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the buyer's surplus from this transaction was:
A. $195 B. $20 C. $10 D. $215
An increase in government spending will
A. increase the slope of the IS curve. B. shift the IS curve to the left. C. shift the IS curve to the right. D. shift the LM curve to the right.