Which of the following will cause a movement along the demand curve instead of a shift of the demand curve?
A) income
B) tastes and preferences
C) Expectations e the future price of a good
D) none of the above
D
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Studies show that the income elasticity of demand for wine is 5.03 and the income elasticity of demand for spirits is 1.21. This indicates that
A) wine is a luxury good and spirits are necessities. B) wine and spirits are luxury goods. C) wine is a luxury good and spirits are inferior goods. D) wine and spirits are highly price elastic.
In the face of an increase in oil prices, if the government's primary objective is to keep prices from falling, then policymakers should
a. reduce taxes. b. reduce the money supply. c. increase government spending. d. increase aggregate supply through regulation.
Suppose that at a given level of output, a perfectly competitive firm charges a price of $12 and has average total costs of $10 . If its economic profit is $20,000 . then it must be producing:
a. 40,000 units of output. b. 20,000 units of output. c. 30,000 units of output. d. 10,000 units of output. e. 50,000 units of output.
A broad government initiative to reduce a country's reliance on agriculture and promote high-technology industries is an example of ________ policy.
A. monetary B. structural C. fiscal D. aggregation