The quantity of hamburger that households are willing to purchase is predicted to rise if there is:
a. a fall in the price of hot dogs
b. a fall in the price of hamburger buns
c. a rise in the price of onion rings
d. a rise in the price of catsup
b
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If a country imposes a tariff on an imported good, the tariff ________ the price in the importing country and ________ the quantity of imports
A) raises; decreases B) raises; increases C) raises; does not change D) lowers; does not change
In the market for CDs, the producer surplus will decrease if ________
A) the supply of CDs increases B) the price of a CD decreases C) the marginal cost of a CD decreases D) the price of a CD increases
Which of the following is TRUE regarding the distribution of wealth and the distribution of income?
A) The distribution of wealth is a less accurate measure of inequality because it excludes human capital. B) The distribution of wealth is a more accurate measure of inequality because it includes houses. C) The distribution of income is a less accurate measure of inequality because it excludes the value of things you own. D) The distribution of income is a less accurate measure of inequality because not everyone has a job.
The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A. equilibrium. B. maximization. C. optimization. D. market collapse.