Which of the following will cause, other things being equal, a leftward movement along the supply curve for smart TVs?
A. an improvement in the technology of producing smart TVs
B. a reduction in the price of smart TVs
C. an expectation that the price of smart TVs will be lower in the future
D. an increase in resource costs for producing smart TVs
Answer: B
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The figure above shows Sam's budget line. Which of the following equals the slope of Sam's budget line?
A) Y/Pc B) Y/Pg C) (Pc/Pg) D) (Pg/Pc)
Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef. B) leave demand for chicken, pork, and beef unchanged. C) increase demand for chicken, pork, and beef. D) increase quantity demanded of beef.
A price elasticity of demand of 2.3 implies
a. Demand is inelastic b. Demand is elastic c. Demand is unitary elastic d. Demand is perfectly elastic
The government can reduce unemployment or reduce inflation by:
a. manipulating aggregate demand. b. manipulating the availability of natural resources. c. manipulating the availability of capital goods. d. manipulating the availability of qualified workers. e. curbing the level of immigration.