If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased.
B) the nominal price of super gasoline decreased.
C) the relative price of super gasoline decreased.
D) the relative price of regular gasoline increased.
Answer: C
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If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, the consumer surplus will ________ if the negotiated price is $1.50 as opposed to $2.00
A) increase B) decrease C) not change D) All of the above are possibilities.
Between 1965 and 1972, eight major pieces of consumer-protection legislation were enacted. This burst of legislative activity was largely related to:
a. increased public fears following the thalidomide tragedy. b. public outcry following a series of steamboat explosions. c. a general lack of faith in the market. d. widespread support for the "Reagan Revolution.".
Legally speaking, the geographic concentration of slavery in the southern part of the U.S. is explained by all of the following except:
a. provisions in the Northwest Land Ordinance of 1787. b. plantations employing high slave labor were present in Southern states. c. laws allowing for gradual emancipation in some northern states. d. an amendment to the U.S. Constitution that allowed importation of slaves only through the port of Charleston after 1800.
Which of the following are the best examples of substitute goods?
a. personal computers and computer software programs b. milk and cookies c. Packard Bell and IBM personal computers d. hot dogs and mustard e. contact lenses and lens cleaning solutions