Which of the following is an example of a good whose price goes down because of improvements in technology?
a) computer printers
b) running shoes
c) hard-bound books
d) typewriters
Ans: a) computer printers
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In the figure above, if the price falls from $8 to $7, demand is
A) elastic. B) inelastic. C) unit elastic. D) income elastic. E) perfectly elastic.
Which of the following issues prominent in the presidential election of 2012 shifts the aggregate demand curve rightward?
A) raising taxes on the rich B) increasing Medicare, Medicaid, and Social Security payments C) loosening immigration policies D) allowing more oil drilling on Federal lands
To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.
A) price; expected marginal cost B) price; marginal cost C) expected price; marginal cost D) expected price; expected marginal cost
Gross domestic product that is based on existing prices is called:
a. nominal GDP. b. current GDP. c. money GDP. d. all of these.