The demand curve for a normal good shifts leftward if income ________ or the expected future price ________
A) decreases; falls
B) decreases; rises
C) increases; falls
D) increases; rises
A
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Which of the following statements is TRUE?
A) The 1957 Treaty of Rome founded the EU and created a custom union. B) The 1957 Treaty of Rome founded the EU. C) The 1957 Treaty of Rome founded the euro. D) The 1957 Treaty of Rome founded the European Central Bank. E) The 1957 Treaty of Rome founded the Stability and Growth Pact. known as SGP.
With inflation of 5 percent, real GDP growth of 3 percent, and an outstanding national debt of $3400 billion, the "allowable deficit" that holds the debt-GDP ratio constant is
A) $272 billion. B) $68 billion. C) $170 billion. D) $175.1 billion. E) $510 billion.
Which of the following is an example of a normative statement?
A. The average price of a Whopper Jr. is $1.69. B. The United States ought to adopt a flat rate personal income tax. C. A higher percentage of prostitutes incarcerated in Miami test positive for AIDS when compared to registered prostitutes in Nevada. D. Average growth in real GDP per year was 1.84 percent between 2000 and 2010.
The term "price supports" refers to a
a. shortage. b. surplus. c. price ceiling. d. price floor.