An increase in demand is represented by a
a. movement downward and to the right along a demand curve.
b. movement upward and to the left along a demand curve.
c. rightward shift of a demand curve.
d. leftward shift of a demand curve.
c
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Which approach to calculating GDP would be best to compare consumer activity versus government purchases?
A. The expenditure approach B. The income approach C. The value-added approach D. Any of these measurements will allow that comparison equally well.
Under laissez-faire, the force that drives the economy toward an efficient outcome is
A. central planning. B. majority voting. C. the pursuit of self-interest. D. altruism.
Suppose the economy consists of two distinct groups: wage earners and goods sellers. If the price level increases by 30 percent and real wages increase by 30 percent,
a. there will be no redistribution of purchasing power between goods sellers and wage earners b. purchasing power will be redistributed from wage earners to goods sellers c. purchasing power will be redistributed from goods sellers to wage earners d. nominal wages will increase by 90 percent e. nominal wages will decrease by 60 percent
GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. If the overall rate of inflation in the economy was 3.5%, what happened to the real price of camouflage neckties?
A. The real price of camouflage neckties fell by 0.4%. B. The real price of camouflage neckties fell by 6.6%. C. The real price of camouflage neckties rose by 0.4%. D. The real price of camouflage neckties rose by 6.6%.