Wendell just read an article that says scientists have proven that processed cheese food increases brain power. We would expect Wendell's demand for processed cheese food to:
A. increase and shift to the right.
B. increase and shift to the left.
C. decrease and shift to the right.
D. decrease and shift to the left.
A. increase and shift to the right.
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The AIDS epidemic becomes rampant in America claiming millions of lives (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
When two nations are interconnected by means of payment systems, trading markets or financial markets, they are called
A) structurally interdependent. B) externalities. C) a monetary union. D) coordinated.
Consider the market for nonalcoholic beers from the previous question. Boors' price in a Nash equilibrium (assuming Bertrand competition in these differentiated beers) is about
a. 1.71 b. 2.55 c. 3.55 d. 4.29