Demand for a particular type of apple is always strong in the beginning of fall. As a result, grocery stores typically face a _____ of these apples, causing them to _____ their price for the good
a. shortage; raise
b. surplus; raise
c. shortage; reduce
d. surplus; reduce
a
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The consumer price index (CPI)
A) compares the cost of the typical basket of goods consumed in period 1 to the cost of a basket of goods typically consumed in period 2. B) compares the cost in the current period to the cost in a reference base period of a basket of goods typically consumed in the base period. C) measures the increase in the prices of the goods included in GDP. D) is the ratio of the average price of a typical basket of goods to the cost of producing those goods.
On a straight-line downward-sloping demand curve, the maximum elasticity of demand occurs
A) at its vertical intercept. B) at its midpoint. C) at its horizontal intercept. D) where it intersects the supply curve.
James has a utility of wealth schedule in the above table. He is offered a job selling video games at Games Galore. James' compensation depends on how much he sells. In a poor sales period, a salesperson makes $100 per month
In a good sales period, a salesperson makes $600 per month. James is told by the manager that, in any given month, there is a 25 percent chance of a poor sales period and a 75 percent chance of a good sales period. What is James' expected utility from taking this job? A) 100 B) 150 C) 175 D) 200
When the euro falls in value relative to other currencies, then
A) goods imported into Europe rise in price. B) European exports rise in price. C) neither European exports nor imports rise in price. D) both European exports and imports rise in price.