Suppose consumers view the George Foreman Grill and the Weber charcoal grill as close substitutes. Other things constant, a fall in the price of the George Foreman Grill would tend to
A) increase the demand for the Weber grill.
B) increase the demand for the George Foreman Grill.
C) decrease the demand for the Weber grill.
D) decrease the demand for the George Foreman Grill.
C
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Use the figure below to answer the following question.
What area represents producer surplus after the government imposes the excise tax on the market?
A. triangle $21a$13 B. square $13ac$9 C. triangle abc D. triangle $1c$9
If a country's imports of goods and services exceeds its exports, ________.
A. GDP equals the sum of consumption, investment, and government purchases B. net exports are positive C. GDP is less than the sum of consumption, investment, and government purchases D. GDP exceeds the sum of consumption, investment, and government purchases
The Monetary Control Act of 1980 extended the Fed's authority to:
a. impose required-reserve ratios on all depository institutions. b. control the discount rate. c. control the federal funds rate. d. all of these.
A person with diminishing marginal utility of wealth is risk averse
a. True b. False Indicate whether the statement is true or false