Refer to Figure 18.1. With an import ban, how many gloves are produced domestically in Duckland?
A. 100
B. 80
C. 60
D. 0
Answer: C
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An increase in investment can lead to a greater increase in aggregate demand if the value of the spending multiplier is: a. greater than 1
b. less than 1 but more than zero. c. negative. d. exactly equal to zero. e. exactly equal to one.
Which of the following would cause the quantity of wheat bread demanded to increase, but not the demand for wheat?
a. a reduction in the price of rye, used to produce rye bread b. a new scientific study demonstrating that wheat bread reduces the risk of colon cancer c. a decrease in the price of rye bread d. an increase in the number of farmers growing wheat
Which of the following can create demand-pull inflation?
a. Higher labor costs b. Recessions and depressions c. Sharply rising oil prices d. Excessive aggregate spending
In which of the following instances will total revenue decline?
A. Price rises and supply is elastic. B. Price falls and demand is elastic. C. Price rises and demand is inelastic. D. Price rises and demand is elastic.