A rightward shift of the BP curve occurs with a
a. fall in the exchange rate.
b. cut in taxes.
c. decrease in government spending.
d. an increase in exports.
D
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Which of the following makes demand less elastic?
A) the existence of many close substitutes for the good B) spending a large proportion of income on the good C) a short time elapsing since the product's price changed D) All of the above answers are correct.
In 1995 ________, which was established in 1948, was replaced by ________
A) NAFTA; the Smoot-Hawley Tariff B) the WTO; NAFTA C) the GATT; the WTO D) the Smoot-Hawley Tariff; the GATT
What rule(s) should a firm follow in deciding optimum output for profit maximization?
For which of the following workers would the income effect be more likely to outweigh the substitution effect of an increase in wage?
a. gardener b. teacher c. professional athlete d. plumber