The "$99 iPads" The Economy Tomorrow analysis indicates that the success of the iPad
A. Caused exit of firms from the tablet market.
B. Attracted new firms with identical products.
C. Created new entrants into the tablet market.
D. Caused the quality of products to fall.
Answer: C
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Left. Theodore's payoff will be
A) 4. B) 6. C) 14. D) 24.
Economists must actually measure the utilities of goods to determine demand
Indicate whether the statement is true or false
An increase in the value of the U.S. dollar will
A) reduce Canadian demand for winter homes in Arizona. B) increase Canadian demand for winter homes in Arizona. C) reduce the cost of homes in Arizona for Canadian buyers. D) increase the cost of homes in Arizona for American buyers.