For consumers, taco chips and salsa are complements. If the price of salsa rises, what is the effect on the equilibrium price and quantity of taco chips?
A) The equilibrium price of taco chips falls, and the equilibrium quantity decreases.
B) The equilibrium price of taco chips rises, and the equilibrium quantity decreases.
C) There is no change in the equilibrium price of taco chips, and the equilibrium quantity increases.
D) The equilibrium price of taco chips could rise, fall, or stay the same, and the equilibrium quantity increases.
E) The equilibrium price of taco chips rises, and the equilibrium quantity increases.
A
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The three most important international financial centers today are
A) London, Tokyo, and Beijing. B) Tokyo, London, and New York. C) New York, Los Angeles, and London. D) San Francisco, Paris, and Mexico City.
What programs will dramatically increase future deficits and debt if tax rates are not increased and spending in these programs is not reduced?
a. military and homeland security spending b. welfare and food stamp spending c. environmental restoration and transportation spending d. Social Security and Medicare spending
The Bureau of Labor Statistics counts a member of a surveyed household as an adult if that person is at least
a. 14 years old. b. 16 years old. c. 18 years old. d. 21 years old.
Figure 10-18
Beginning from a point of short-run equilibrium at point E2 in , the economy's movement to a new position of long-run equilibrium from that point would best be described as
a.
a movement along the AD2 curve with a shift in the SRAS1 curve to SRAS2.
b.
a movement along the SRAS2 curve with a shift in the AD2 curve.
c.
a shift in the LRAS curve to an intersection at E3.
d.
no shift of any kind.