Suppose a country, whose production and consumption of cell phones is large relative to the world market, has just entered the global market. If the country is a net-importer of cell phones, we would expect:
A. an increase in both world price and quantity of cell phones.
B. an increase in world price and decrease in world quantity of cell phones.
C. a decrease in both world price and quantity of cell phones.
D. a decrease in world price, and increase in world quantity of cell phones.
A. an increase in both world price and quantity of cell phones.
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Suppose the price of crude oil drops from $150 a barrel to $120 a barrel. The quantity bought remains unchanged at 100 barrels. The coefficient of price elasticity of demand in this example would be
A) -0.5. B) infinity. C) -1.0. D) 0.
Prices of previously issued bonds have risen. It is likely that
A. market interest rates have fallen. B. the stock price must change but could either rise or fall. C. market interest rates have risen. D. market interest rates have remained unchanged.
Which of the following is most likely to shift the demand curve for electricity to the left?
a. consumers becoming more energy conscious. b. an increase in income. c. a decrease in the price of electricity. d. an increase in the price of natural gas, a substitute source of energy.
Mary is a homemaker while husband Jack works at the warehouse. The minimum salary Mary would take for a market-related job is $15,000 . She is offered a job at the office next to the warehouse for $25,000 . which she takes. Mary receives
a. $10,000 in differential rent b. $25,000 in wage-related rent c. $15,000 in wage-related rent d. $15,000 in differential rent e. $10,000 in wage-related rent