Figure 4-11
The Russian government has restricted sugar availability to reduce the supply of illegal liquor (sugar is used to increase alcohol content). Russians also like to sweeten their tea with jam, another sugar product. Which graph in Figure 4-11 depicts the impact of sugar rationing on the Russian tea market?
a.
1
b.
2
c.
3
d.
4
c
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In the foreign exchange market, as the U.S. exchange rate rises, other things remaining the same, the
A) quantity of dollars demanded decreases. B) demand curve for dollars shifts rightward. C) demand curve for dollars shifts leftward. D) supply curve of dollars shifts rightward. E) quantity of dollars demanded increases.
If a consumer increases her quantity of ice cream consumed by 100% when her income rises by 25%, then her income elasticity of demand for ice cream is
A) 8.0. B) 4.0. C) .25. D) .08.
If a company making frozen orange juice expects the price of its product to be higher next month, it will supply more to the market this month
a. True b. False Indicate whether the statement is true or false
If there is a good that is consumed almost entirely by children, a significant reduction in the birth rate would
A. cause a movement along the demand curve to a (lower price, higher quantity) point. B. move its demand curve to the left. C. move its demand curve to the right. D. cause a movement along the demand curve to a (higher price, lower quantity) point.