If producers support proposed regulation of their industry, then
a. it is likely that consumers will benefit from the regulation
b. it is likely that producers are looking out for the interests of the consumers
c. it is likely that both producers and consumers will be adversely affected by the legislation
d. it is possible that consumers will be adversely affected by the legislation
e. it is likely that prices will fall
D
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In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, the income effect is the movement from point ________ to point ________
A) a; b B) b; d C) b; c D) a; c
Assume there is a decrease in the market demand for a good sold by price-taking firms that are initially producing the profit-maximizing level of output. How will the market adjust over time?
A) Firms will enter the market, causing price to rise until losses are eliminated. B) Firms will enter the market, causing price to fall until positive profits are eliminated. C) Firms will exit the market, causing price to rise until losses are eliminated. D) Firms will exit the market, causing price to fall until positive profits are eliminated.
Which of the following is most likely to influence a household’s level of consumption?
a. total investment spending b. government spending c. amount of disposable income d. ratio of exports to imports
In January 2009, the President submitted a bill to Congress in order to stimulate the economy and increase employment. The legislation was passed in March 2009, and the spending occurred from June 2009 to March 2011. As a result
A. the full effect of the fiscal policy change would not be felt until after March 2011 because of the effect time lag. B. the full effect of the fiscal policy change would be felt when the last of the funds were spent by the government. C. the full effect of the fiscal policy change would be felt by March 2011 because people anticipated the spending and changed their behavior accordingly. D. the full effect of the fiscal policy change would not be felt until after March 2011 because of the recognition time lag.