During the 1999-2005 period, gasoline prices
A. fell.
B. tripled in price.
C. quintupled (went up 5 times) in price.
D. remained relatively constant in inflation-adjusted terms.
Answer: D
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One way to sidestep the debate over whether the government should increase spending during economic downturns is to:
A. cut government spending so the government has no ability to spend money. B. return to the gold standard so that the value of the U.S. dollar remains strong. C. identify projects that nearly everyone can agree the government should fund. D. raise taxes so that the government has the money it needs for additional spending.
Suppose that the productivity used to produce computers advances. How does this change affect the supply of computers and the supply curve of computers?
What will be an ideal response?
You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity?
A) 0.30 B) -0.30 C) 1.0 D) -1.0
The supply of euros is managed by
A) the European Monetary Union. B) the European Monetary System. C) the European Central Bank. D) the European Bank for Reconstruction and Development.