An example of a supply shifter is:
A) demographic characteristics.
B) technology.
C) income.
D) consumer expectations.
Ans: B) technology.
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Suppose the annual growth rate of GDP in Belize is 3.5 percent. In 20 years, GDP in Belize will double
A) 1 time. B) 1.5 times. C) 3.5 times. D) 7 times.
The demand for money curve is the relationship between ________ and ________, other things remaining the same
A) the quantity of nominal money demanded; the real interest rate B) the quantity of real money demanded; the real interest rate C) the quantity of nominal money demanded; the nominal interest rate D) the quantity of real money demanded; the nominal interest rate
The above figure shows supply and demand curves for milk. In an effort to help farmers, the government passes a law that establishes a $3 per gallon price support. To maintain the price support, government must purchase
A) Q1 gallons. B) Q2 gallons. C) Q1 - Q2 gallons. D) Q2 - Q1 gallons.
The role of an assumption in an economic theory is to:
A. increase the scope of application. B. simplify the theory. C. add realism. D. prove the theory.