Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. An increase in the price of tomatoes (an input for gardenburgers) will cause a movement from Point B on supply curve S2 to
A. Point C on supply curve S2.
B. supply curve S1.
C. supply curve S3.
D. Point A on supply curve S2.
Answer: B
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.
The demand for Farm fresh brand apple juice is likely to be:
A. very price elastic, because there are many close substitutes available. B. less price elastic, because there are many close substitutes available. C. very price elastic, because the adjustment time is so fast. D. less price elastic, because the adjustment time is so slow. AACSB: Reflective Thinking
The inflation experienced in the United States during the 1970s as a result of OPEC oil price increases is an example of: a. demand-pull inflation. b. hyperinflation
c. cost-push inflation. d. cyclical inflation. e. disinflation.
A Eurodollar loan is a(n):
a. ECU-denominated loan issued by a U.S. bank. b. dollar-denominated loan payable to a European bank. c. ECU-denominated loan that is subject to banking regulations in both the United States and Europe. d. dollar-denominated loan issued outside the U.S. domestic banking system. e. loan by the European Community to the U.S. government.