Hyperinflations are caused by
a. persistant falls in aggregate supply.
b. increases in poverty levels.
c. high levels of money growth over sustained periods of time.
d. falls in the velocity of money.
C
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You own two different energy drink brands: "Blue Cow" and "600 minute energy.". If you reduce the price on "Blue Cow", sales of "600 minute energy" would
a. Increase b. Decrease c. Not change d. None of the above
What has happened to resource prices in the twentieth century and what do they reveal about resource scarcity?
Suppose a firm in each of the two markets listed below were to increase its price by 15 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not?
a. cotton and soybeans b. gasoline and corn c. #2 lead pencils and college textbooks d. electricity and cable television
Which of the following products would most likely be produced in a monopolistically competitive market?
A. gasoline B. corn C. local water supply D. pizza