Computer processors and memory costs have decreased dramatically in the past 25 years. As a result, in the computer market, we have seen
A. an increase in demand.
B. an increase in supply.
C. a decrease in demand.
D. a decrease in supply.
Answer: B
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_________ are more inclined to keep the government hands off the economy and favor adhering to fixed rules.
A. Conservatives B. Liberals C. Politicians D. None of the above is correct.
An indifference curve shows
A) the relationship between prices and a household's budget. B) all possible prices and preferences for a good. C) combinations of goods among which a household is indifferent. D) budget lines among which a consumer is indifferent.
A budget deficit is the
A. annual excess of government spending over revenue raised by taxes, fees, and charges. B. shortfall of Social Security collections toward payment of benefits. C. amount by which tax revenues and borrowed funds fall short of government expenditures. D. excess of tax revenues over expenditures.
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A. the same. B. greater. C. smaller. D. either greater than or less, depending on the number of substitutes the good has.