Technological advancements have led to lower prices and an increase in the sale of digital cameras. How does this affect the digital photo printing paper market?
A) The demand curve for digital photo printing paper shifts to the left.
B) The supply curve for digital photo printing paper shifts to the left.
C) The supply curve for digital photo printing paper shifts to the right.
D) The demand curve for digital photo printing paper shifts to the right.
D
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The probability of an outcome
A) is the number of times that the outcome occurs in the long run. B) equals M × N, where M is the number of occurrences and N is the population size. C) is the proportion of times that the outcome occurs in the long run. D) equals the sample mean divided by the sample standard deviation.
When economists speak of markets, they primarily mean: a. places where production of goods and services take place
b. those locations where stocks and bonds of corporations take place. c. mechanisms that coordinate actions of buyers and sellers. d. the trillions of dollars that change hands in the foreign exchange markets.
For which of the following is demand likely to be the most price elastic?
a. a good for which there are no close substitutes b. a good for which there are no easily-obtained substitutes c. a good with close substitutes that are difficult to obtain d. a good that is no longer being produced e. a good for which close substitutes are easily obtained
The theory that if the velocity of money is stable, or at least predictable, changes in the money supply have predictable effects on nominal GDP is called ________
a. velocity of money theory b. quantity theory of money c. supply of money theory d. inflation theory of money