Government action can cause a shift in
A. demand only.
B. supply only.
C. neither supply nor demand.
D. either supply or demand.
Answer: D
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The following combinations of goods X and Y represent various market baskets. Consumption is measured in pounds per month
Market Basket Units of X Units of Y A 4 6 B 16 7 C 15 3 D 3 2 Explain which market basket(s) is(are) preferred to other(s), and if there is any uncertainty over which is preferable, point this out as well.
Elasticity measures
A) the slope of a demand curve. B) the inverse of the slope of a demand curve. C) the percentage change in one variable in response to a one percent increase in another variable. D) sensitivity of price to a change in quantity.
The statement "It is better to suffer a little more unemployment than a little lower price" is an example of normative economic analysis
a. True b. False Indicate whether the statement is true or false
Suppose the current exchange rate is $1.60 per pound. A sweater purchased by an American in London costing 50 pounds would cost
a. $31.25 b. $80.00 c. $51.60 d. $48.40 e. $100.00