As the price of movie tickets increases, which of the following is most likely to happen?
a. The demand for DVDs will increase.
b. The quantity of books demanded will decrease.
c. The number of Broadway tickets purchased will decrease.
d. The prices of popcorn and soda will increase.
e. The number of movies being produced will decrease.
a
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Changing the price of good Y will
A. only affect the demand for that good. B. have effects across some markets. C. keep prices down in all markets. D. have no effect.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold. B) No cars will be sold. C) Only lemons will be sold. D) Ten percent of the used cars sold will be lemons.
Economics is primarily the study of
a. why people like to make money. b. the management of a business. c. the choices people make as the result of scarcity. d. how to make money in the stock market.
A consequence of an inflationary gap is ____ as output begins to decrease and prices continue to increase.
A. stagflation B. reflation C. disinflation D. perflation