Think about the following news items and label each as involving a what, how, or for whom question:
What will be an ideal response?
• Today, most stores use computers to keep their inventory records, whereas 20 years ago most stores used paper records.
Stores using computers for inventory records today versus paper 20 years ago answers the how question.
• Health-care professionals and drug companies recommend that Me-dicaid drug rebates be made available to everyone in need.
Deciding whether to offer lower Medicaid drug rebates, which would lower the prices for drugs, is a for whom question.
• A doubling of the gas tax might lead to a better public transit system.
Deciding whether a better public transit system gets built answers a what question. Because not everyone will use the public transportation equally nor will everyone pay the same amount of taxes, there also is a for whom aspect of the headline.
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If the absolute price elasticity of demand of a good is 1.46, then the total revenues will increase if its market price
A) increases. B) decreases. C) stays the same. D) changes, but we can't tell without more information if the price increases or decreases.
A fixed exchange rate is:
a. determined by the forces of supply and demand. b. the value of a nation's money in gold. c. the value of a nation's money determined by the World Bank. d. none of these.
Fiscal policy focuses on manipulating _____
Fill in the blank(s) with the appropriate word(s).
Refer to the above graph. Which factor will shift AD1 to AD3?
A. An increase in productivity. B. A decrease in consumer wealth. C. An increase in real interest rates. D. An increase in real wages.