In the above figure, a surplus exists in the gasoline market when the price is
A. $2 per gallon.
B. $4 per gallon.
C. $1 per gallon.
D. below $2 per gallon.
Answer: B
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If the price of chocolate chip cookies rises, then
A) the demand curve for chocolate chip cookies shifts rightward. B) the demand curve for chocolate chip cookies shifts leftward. C) there is a movement downward along the demand curve for chocolate chip cookies. D) there is a movement upward along the demand curve for chocolate chip cookies.
What was the goal of Operation Twist?
A) to reduce long-term interest rates and increase short-term interest rates B) to reduce short-term interest rates and increase long-term interest rates C) to reduce both short-term and long-term interest rates D) to increase both short-term and long-term interest rates
The argument for using protectionism to bring about industrialization in developing countries presumes that gains will occur because the industry will become internationally competitive.
a. true b. false
The price elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price.
Answer the following statement true (T) or false (F)