Which of the following would lead to an increase in the demand for computer software?
a. a decrease in the price of computer software
b. a decrease in the price of personal computers
c. an decrease in the cost of producing computer software
d. an decrease in personal income
B
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In a competitive market where the elasticity of the market demand curve is -0.5, there are 100 identical firms, and the elasticity of the supply curve to the other 99 firms is 4. What is the elasticity of the demand curve of the 100th firm?
A) -446 B) -489 C) -50 D) -0.5
A devastating earthquake destroys ten percent of the population in California. As a result: a. California's production possibility curve shifts outward
b. California moves up and to the left along its production possibilities curve. c. California moves down and to the right along its production possibilities curve. d. California's production possibility curve shifts inward.
Which of the following statements is true?
A) Velocity equals the money supply. B) GDP is larger than the money supply if velocity is greater than 1. C) The money supply must be equal to GDP. D) GDP is always twice the money supply.
Which of the following statements about markets and prices is correct?
A. In a market system, buyers and sellers must be in face-to-face contact with each other B. Prices affect the distribution of goods in a market system but not the allocation of resources C. In a market system, prices serve to ration goods and services to consumers D. The operation of a market system has little, if any, effect on the distribution of income in the economy