Phoebe and Rachel quit running in Central Park and join a health club to run on treadmills. This decision
a. has no effect on GDP.
b. increases GDP.
c. decreases GDP.
d. increases nominal but not real GDP.
b
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Which of the following statements about tariffs is true?
A. The revenue gained from tariffs equals the total cost that tariffs impose on consumers. B. The costs of tariffs are proportionately higher for high-income groups than for low-income groups. C. U.S. consumers lose more from tariffs than U.S. producers gain. D. U.S. producers gain more from tariffs than U.S. consumers lose.
In the diagram above, which figure(s) show(s) a direct relationship between the variables?
A) both A and C B) only D C) only A D) both B and C E) only B
The "law of demand" indicates that if the University of Maine increases tuition, all other things remaining the same,
A) the demand for classes will decrease at the University of Maine. B) the demand for classes will increase at the University of Maine. C) the quantity of classes demanded will increase at the University of Maine. D) the quantity of classes demanded will decrease at the University of Maine. E) both the demand for and the quantity of classes demanded will decrease at the University of Maine.
De Beers has a monopoly in the market for diamonds because they own a significant portion of the known diamond mines. One important source of challenge to De Beers' control of the diamond market is
a. the additional market supply from Russia, Australia, and Canada b. the emerging auction markets for diamonds in France and Spain c. the growing demand for diamonds in industrial uses d. that its South African mines are not producing as many diamonds as they did decades ago e. antitrust legislation in the United States