The city of Burlington is a very popular town for tourists to visit in the summer. We would expect the:
A. prices of all normal goods to decrease each summer.
B. demand for normal goods to decrease each summer.
C. demand for normal goods to increase each summer.
D. demand curve for normal goods to shift to the left.
Answer: C
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Which of the following events would cause the price of oranges to fall?
a. There is a shortage of oranges. b. The FDA announces that bananas cause strokes, and oranges and bananas are substitutes. c. The price of land throughout Florida decreases, and Florida produces a significant proportion of the nation's oranges. d. All of the above are correct.
Economists who accept the quantity theory of money favor a monetary rule because they believe the short-run effects of monetary policy are unpredictable and the long-run effects are on the price level, not real output.
Answer the following statement true (T) or false (F)
In a constant-cost industry, an increase in price causes:
A. some firms to exit the industry. B. quantity supplied to remain constant. C. some firms to enter the industry. D. price controls.
The maximum number of individuals a U.S. president can appoint to the Board of governors is
A) 15. B) 12. C) 7. D) 4 . E) none of the above