As price rises, quantity supplied
A. rises.
B. falls.
C. remains the same.
A. rises.
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Suppose a consumer's income increases from $30,000 to $36,000. As a result, the consumer increases her purchases of compact disks (CDs) from 25 CDs to 30 CDs. What is the consumer's income elasticity of demand for CDs?
A) 0.5 B) 1.0 C) 1.5 D) 2.0
The trade philosophy of the Clinton administration is best characterized as
a. protectionist. b. mercantilist. c. free trade. d. strategic trade.
Which of the following best explains the political attractiveness of debt financing relative to taxation?
a. Debt financing pushes the visible cost of government into the future. b. Debt financing exposes the current costs of government programs; taxes do not. c. Debt financing reduces the attractiveness of special-interest spending. d. Taxes allow politicians to supply voters with immediate benefits without having to impose a visible cost.
The largest dollar amount of GDP is
a) rental payements b) government expenditures on goods and services c) profit d) net exports e) wages and salaries to employees