Technological progress increases the efficiency of mass producing HDTV-capable television sets. At the same time, more cable and television networks begin broadcasting in HDTV format, increasing the appeal of HDTV-capable television sets. On the basis of this information, what can be said about conditions in the HDTV market?
a. The equilibrium quantity and price of HDTV-capable sets will
increase.
b. The equilibrium quantity of HDTV-capable sets will increase and price will decrease.
c. The equilibrium quantity of HDTV-capable sets will increase and what happens to price is indeterminate.
d. The equilibrium quantity of HDTV-capable sets will decrease and price will increase.
c
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The monetary rule is the view of the
What best describes changes in sectors in the US?
a. Agriculture was the chief generator of income in the United States until the decade of the 1880s. b. The number of people employed in manufacturing passed the number employed in agriculture shortly after the War of 1812. c. The percentage of the US labor force employed in agriculture increased slowly until the Civil War and declined from then to the present time. d. The current number of people employed in the government sector is about the same as the number of people employed in the service sector.
When raising taxes, the quantity effect tells us that the:
A. government gets more revenue per units sold. B. higher tax rate causes fewer units to be sold. C. government gets less revenue per unit sold. D. higher tax rate causes more units to be supplied.
In the extended version of the circular flow model,
a. resources flow from the government to households b. resources flow from firms to households c. taxes flow from firms to the government d. resource payments flow from households to firms e. imports flow from firms to foreign economies