Suppose price is measured along the vertical axis on a graph. When price changes, there will be a
a. rotation of the curve.
b. shift of the curve.
c. movement along the curve.
d. change in the slope of the curve.
c
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An increase in the price level ________ real wealth, which causes consumption to ________
A) lowers; decrease B) raises; decrease C) lowers; increase D) raises; increase
If tax rates are cut, tax revenues may rise, fall, or remain unchanged. What actually happens is considered a(n)
A) theoretical issue. B) corrective issue. C) empirical issue. D) self-regulating issue. E) multiplier issue.
The data below relates to a pure monopoly and the product it produces. What is the profit-maximizing output and price for this firm?
A. P = $15; Q = 3
B. P = $12; Q = 5
C. P = $18; Q = 2
D. P = $14; Q = 4
In 2018, why did the United States impose temporary safeguard tariffs beginning at 30 percent on imports of solar panels and up to 50 percent on imports of washing machines?
A. The United States wanted to ensure that it remained a net exporter of washing machines and solar panels. B. The U.S. International Trade Commission found that rising imports had harmed U.S. firms in these industries. C. The United States government imposed tariffs on washing machines and solar panels in retaliation for other countries' tariffs on U.S. exports of durable goods. D. Because of growing U.S. demand for washing machines and solar panels, the United States government saw the opportunity to increase government revenue and imposed tariffs on these products.