If the demand for steak (a normal good) shifts to the left, the most likely reason is that:
A. consumer incomes have fallen.
B. cattle production has declined.
C. the price of steak has risen.
D. the price of cattle feed has gone up.
Answer: A
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In the figure above, the equilibrium exchange rate is expressed as $1 U.S. equals
A) $2.00 Canadian. B) $1.50 Canadian. C) $0.50 Canadian. D) none of the above
The political process can impede redistribution goals because _____
a. there are more stingy voters than generous voters b. there are more middle class voters than poor voters c. there are more dumb voters than smart voters d. there are more middle class politicians than poor politicians
Refer to the above figure. Production at Point F
A) is not attainable given the underlying assumptions of the production possibilities curve (PPC). B) would not be desirable. C) can only be attained by giving up Point E. D) can be attained only if a society desired more goods and services.
The discount rate is the interest rate
A) banks pay on certificates of deposit. B) the Fed pays on reserves held by banks. C) the Fed charges when it lends reserves to banks. D) banks charge their loan customers. E) on short-term Treasury securities.