The actions of speculators in a market tend to shift the ____ when the price of the good is low and thereby ____ the price
a. demand curve out; raise
b. demand curve in; lower
c. supply curve out; lower
d. supply curve in; raise
a
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Which price index measures the change in housing prices from repeated sales information?
A) S&P / Case-Shiller index B) GDP deflator C) Chain-weighted consumer price index D) Dow-Jones index
Monopoly rights provided by patents are awarded to
a. encourage profit making b. guarantee competitive prices c. encourage competition d. the "first come, first served" e. encourage research and development
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, compared to Brazil, China has a comparative advantage in the production of:
A. coffee. B. tea. C. both coffee and tea. D. neither coffee nor tea.
The rational expectations hypothesis indicates that a monetary policy designed to alter real Gross Domestic Product (GDP) will fail unless
A) changes in the money supply are completely anticipated. B) labor unions have long-term contracts. C) the government's budget is not in deficit. D) changes in the money supply are unexpected.