An increase in the price of gasoline will
A. Shift the automobile supply curve to the left.
B. Shift the automobile demand curve to the left.
C. Shift the gasoline supply curve to the right.
D. Shift the gasoline demand curve to the right.
Answer: B
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Which component of GDP captures goods that are produced but not sold in a given year?
A. Personal consumption B. Net exports C. Nonresidential investment D. Changes in private inventories
Discuss and show graphically how an increase in consumption at each level of GDP effects saving.
What will be an ideal response?
Point elasticity is a measure of elasticity that uses slope measurement.
Answer the following statement true (T) or false (F)
What would happen if three more restaurants opened in a small town where only four restaurants were open for business originally?
A. People would pay higher prices to eat out. B. The town would raise significantly more taxes. C. The restaurants would become more like a competitive market. D. The restaurants would form a cartel in the town.