If Congress decides to increase the tax per pack paid by sellers of cigarettes, other things being equal, the price of cigarettes will rise. This rise in prices can be attributed to a(n):
a. upward movement along the supply curve for cigarettes.
b. rightward shift of the supply curve for cigarettes.
c. upward movement along the demand curve for cigarettes.
d. leftward shift of the supply curve for cigarettes.
d
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If I buy 3 cups of coffee, paying $1 for each cup, and I would have been willing to pay up to $3 for the first cup, up to $2 for the second cup, and up to $1 for the third cup, then my consumer surplus is:
a. $6. b. $5. c. $3. d. $2. e. $1.
An appreciation of the Norwegian kroner in relation to the U.S. dollar is most likely to cause:
a. an increase in the U.S. demand for Norwegian goods. b. an increase in the Norwegian demand for U.S. goods. c. an increase in the supply of U.S. goods to Norway. d. a decrease in the supply of Norwegian goods to the United States. e. no change in the demand or supply of goods for either country.
Inventories are goods that can be considered as "purchased" by
a. the firms that produce them. b. the consumers that ultimately buy them. c. the government since they are tax deductible. d. no one since they are not counted as part of GDP.
Briefly and concisely define the following terms. a. Voluntarism b. Direct controls c. Depletable resource
What will be an ideal response?