Electric car enthusiasts want to buy more electric cars at a lower price. All of the following events would have this effect except
A) technological advancement in the production of electric car batteries.
B) an increase in the number of manufacturers of electric cars.
C) a decrease in the price of lithium, which is used in the electric car batteries.
D) an increase in the price of gasoline.
Answer: D
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Theoretically, one can distinguish a demand-pull inflation from a cost-push inflation by comparing
A) how fast prices rise relative to wages. B) the unemployment rate with its natural rate level. C) when prices rise relative to wages. D) government debt to real GDP.
Generally, most economists feel that a sales tax is:
a. regressive. b. proportional. c. progressive. d. fair.
Identify some of the basic assumptions of monopoly
If the economy is in equilibrium, it must be
a. on the 45° line. b. on the 60° line. c. below the 45° line. d. below the 60° line.