The market for smartphones did not exist 30 years ago because
A. the technology did not exist to produce smartphones.
B. portable electronic devices were illegal.
C. smartphones were too expensive for most consumers.
D. consumers did not need or want smartphones.
Answer: A
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Restructuring of the natural gas industry has essentially made it a competitive industry
Indicate whether the statement is true or false
Assume that peanut butter and jelly are complementary goods. A decrease in the number of peanut butter suppliers will cause the:
a. demand for peanut butter to increase. b. supply of peanut butter to increase. c. demand for jelly to increase. d. demand for jelly to decrease. e. supply of jelly to decrease.
An international agreement from 1947 designed to lower tariffs was
A) the General Agreement on Tariffs and Trade. B) the World Trade Organization. C) the World Agreement on Tariffs and Trade. D) the Trade and Tariff Agreement.
An adverse supply shock would cause the FE line to
A. shift to the right. B. shift to the left. C. remain unchanged. D. remain unchanged if the shock is temporary; shift to the right if the shock is permanent.