If the price of good X increases, what will happen to the budget line?
A. It will become flatter.
B. It will have a parallel shift outward.
C. It will have a parallel shift inward.
D. It will become steeper.
Answer: D
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If University of Nebraska increased its season football ticket sales from 43,000 to 47,000 when it lowered price from $350.00 to $300.00, then its demand for season tickets must be ________ because total revenue ________ when the price was lowered
A) elastic; decreased B) elastic; increased C) inelastic; decreased D) inelastic; increased
The federal budget process begins when federal agencies submit their budget requests to the:
a. Treasury Department.
b. Council of Economic Advisors (CEA).
c. Office of Management and Budget (OMB).
d. Congressional Budget Office (CBO).
Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s).Recall the Application. The decrease in price of illegal drugs could be caused by either a(n) ________ in demand or a(n) ________ in supply of the drugs.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
The above figure depicts the market for video games. If the government imposed a $3 per game tax on sellers, what would be the new equilibrium price paid by consumers after the tax?
A) less than $27 per game B) $27 per game C) more than $27 per game. D) More information is needed to determine if the price is more than, less than, or equal to $27 per game.