Which of the following changes is/are a shifter of the demand for a particular food product?
A. Changes in consumer income.
B. Changes in consumer perceptions of that product.
C. Changes in price of that product.
D. Both A and B.
Ans: D. Both A and B.
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Cutting taxes
A) will raise disposable income and lower spending. B) will lower disposable income and raise spending. C) will raise disposable income and raise spending. D) will lower disposable income and lower spending.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The WTO
A) is an affiliate of the World Bank. B) is an organization created to oversee NAFTA. C) was established to resolve trade disputes among member nations. D) provides low interest loans to member nations to help develop their export industries.
The prisoners' dilemma game presented in the text involves ________ players each with ________ strategies.
A. two; three B. three; two C. three; three D. two; two