The Latin expression Ceteris paribus means:
A. everything else being equal.
B. economic model.
C. economists are partly right.
D. partial scarcity is certain.
Answer: A
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A significant increase in the price of tennis balls will most likely lead to
A) an increase in the demand for tennis racquets. B) an inward shift in the demand for tennis balls. C) a movement along the demand curve for tennis racquets. D) an inward shift in the demand for tennis racquets.
When entering a building, Sam diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path
a. irrational behavior. b. a lazy person. c. marginal benefit-marginal cost analysis. d. programmed learning.
In the figure, AD 1 and AS 1 represent the original aggregate supply and demand curves and AD 2 and AS 2 show the new aggregate demand and supply curves. The change in aggregate supply from AS 1 to AS 2 could be caused by:
A. a reduction in the price level.
B. the increase in productivity.
C. an increase in business taxes.
D. the real-balances, interest-rate, and foreign purchases effects.
A decrease in the marginal income tax rate is a fiscal policy which will increase aggregate demand
Indicate whether the statement is true or false