See the information in Scenario 4.4. From this demand curve, one can infer that:
A) Rock and Roll Trivia is an inferior good.
B) computers and diskettes are substitutes.
C) computers and diskettes are complements.
D) computers are a normal good.
E) A, B and D are true.
A
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Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary cannot make a mutually beneficial exchange. B. Joe and Mary will only trade if the equilibrium price is less than $1. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary will not trade in equilibrium.
In the short run, ________
A) cost push shocks can cause firms to raise prices B) workers pushing for higher wages may lead to increases in inflation C) the aggregate supply curve may shift to the left with increases in expected inflation D) all of the above E) none of the above
Which of the following statements is false?
A. The Standard Oil trust forced its rivals out of business. B. The Clayton Act expressly exempted labor unions from prosecution under the Sherman Act. C. The judge in the Microsoft case concluded that the company used anticompetitive means to maintain a monopoly for its PC operating system software. D. The rule of reason originated in the ALCOA case of 1945.
Real GDP would increase by 3 percent if nominal GDP increased by:
A. 2 percent and inflation increased by 1.5 percent. B. 5 percent and inflation increased by 2 percent. C. 1 percent and inflation increased by 2 percent. D. 6 percent and inflation increased by 2 percent.