Over the past 90 years or so, the inflation rate has
a. generally increased
b. been positive in most years
c. stayed low
d. been negative in most years
e. dramatically increased
B
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Explain the effect of the following changes on equilibrium price and quantity of a commodity: (a) increase in average incomes. (b) increase in population
In a recession, demand for cars falls, and the demand curve in the market for cars
A. shifts to the right. B. shifts to the left. C. remains unchanged. D. slows down.
Assume that the marginal utility from good A is 10 units and that the price of good A is $5 per unit. The marginal utility from good B is 15 units and its unit price is $7. In this situation, a utility-maximizing consumer should
A. consume more of good A. B. consume only good B. C. consume neither good A nor good B. D. consume more of good B.
At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A. 1; unit elastic B. 0.40; inelastic C. 2.5; elastic D. 0.1; inelastic