Budget surpluses lead to ______ interest rates and ______ amounts of saving and investment.
a. lower; smaller
b. lower; larger
c. higher; smaller
d. higher; larger
b. lower; larger
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Which of the following events would increase the supply of tomatoes?
a. The introduction of mechanized tomato pickers, which raises the cost of production. b. An increase in wages for the tomato pickers. c. A decrease in the cost of fertilizers for the tomato plants. d. Unseasonably hot, dry weather in the tomato-growing regions of the nation. e. A decrease in the price of pasta products.
A market economy answers the question "how" will goods be produced by focusing on a. dollar votes
b. consumer sovereignty. c. least-cost method of production. d. who can afford these goods.
Suppose the demand for X is given by Qxd = 100 - 2PX + 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income and A is the amount of advertising on good X. Based on this information, we know that good Y is
A. an inferior good. B. a substitute for good X. C. a complement for good X. D. a normal good.
Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, ________ has a website that provides estimates of demand elasticities for hundreds of food products for dozens of countries.
A. the U.S. Department of Agriculture B. the U.S. State Department C. the United Nations D. the World Bank