Between 1977 and 2004, the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries _____________________
A) fell; increased.
B) rose; increased as well.
C) fell; decreased as well.
D) rose; decreased.
A
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Which of the following would tend to increase the demand for college textbooks?
A) A lower price of college textbooks B) An increase in the number of enrolled college students C) A significant increase in college tuition D) Both A and B
If a perfectly competitive firm is incurring a short-run loss, it
a. then will incur a long-run loss b. will shut down c. will continue to operate in the short run if its fixed cost is covered d. will continue to operate in the short run if its variable cost is covered e. will raise its price in the short run
When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
A. 0.2 B. 2 C. 5 D. 66.67
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline