Related to the Economics in Practice on p. 68: Assuming the demand for Baltimore newspapers increases while the supply of Baltimore newspapers decreases, the equilibrium ________ will definitely ________.
A. price; increase
B. quantity; increase
C. quantity; decrease
D. price; decrease
Answer: A
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In the circular flow, ________ provide the factor services
A) businesses and households B) producers C) households D) businesses
According to this Application, for approximately 12 million homeowners in 2012, the amount owed on mortgages was higher than the actual value of the homes. Homeowners who find themselves in this situation are said to be
A) "financially grounded." B) "subprime borrowers." C) "underwater." D) "shadow mortgage holders."
Why would a firm in a monopolistically competitive industry ever advertise?
What will be an ideal response?
Hurricane Katrina destroyed much of New Orleans and other parts of the South. Which of the following statements is true? The hurricane:
A. caused the production possibilities frontier of the United States to shift in. B. caused the production possibilities to increase, since it created a lot of work to rebuild the city affected areas. C. caused the production possibilities frontier of the United States to shift. D. didn’t change the production possibilities frontier, but moved from a point on the frontier to a point inside the frontier.