An increase in the tax on cigarettes _____________ cigarettes.
A. increases demand for
B. decreases demand for
C. increases the supply for
D. decreases the supply for
D. decreases the supply for
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Paul's monthly income decreased from $2,500 to $2,300. As a result, he decreased the number of DVDs he rents per month from 5 to 4. Paul's demand for DVD rentals is
A) price elastic. B) price inelastic. C) income elastic. D) income inelastic.
In the Mundell-Fleming model with a floating exchange rate and perfect capital mobility, an increase in the money supply does all of the following EXCEPT:
a. increase interest rates. b. increase income. c. increase the IS curve. d. increase inflation.
The discovery and dissemination of a new cost-saving technology
a. is an example of a positive demand shock b. would cause the long-run AS curve to shift leftward, thereby increasing both output and the price level c. would increase firms' unit costs d. would lead to an increase in output and a decrease in the price level e. is an example of a negative supply shock
When a factory is operating in the short run,
a. it cannot alter variable costs. b. total cost and variable cost are usually the same. c. average fixed cost rises as output increases. d. it cannot adjust the quantity of fixed inputs.