How is the current demand for a good related to its future price?
a. If the price is expected to drop, current demand will fall.
b. If the price is expected to drop, current demand will rise.
c. If the price is expected to rise, current demand will fall.
d. Current demand is not related to future price.
Ans: a. If the price is expected to drop, current demand will fall.
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If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
A rising budget deficit created through government spending may result in a fall in domestic investment, a rise in private savings, or a rise in the _________ deficit.
a. economic b. trade c. government d. savings
The sum of the ________ flows is equal to the cost of the goods and services at their final use.
Fill in the blank(s) with correct word
The sometimes inconsistent results coming from a series of paired-choice voting is due to:
A. Voters changing their preferences B. Irrational preferences among some voters C. A normal consequence of majority voting D. Voters not having a good idea of their preferences