If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, then economists would describe this as
A) an increase in demand.
B) an increase in quantity demanded.
C) a change in consumer income.
D) an increase in consumers' taste for coffee.
Answer: B
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A $100 million decrease in government expenditure on goods and services leads to an even larger decrease in aggregate demand because of
A) induced changes in consumption expenditures. B) automatic fiscal policy. C) induced changes in aggregate supply. D) discretionary fiscal policy. E) the reinforcing effect of monetary policy.
Some of the newer pollutants that have appeared
A. are far more visible to the eye than older pollution. B. cause damage that is easily reversible. C. pose no significant long-term hazards. D. are far more dangerous than older forms of pollution.
A movement along the production possibilities curve would imply that A) the labor force has grown. B) productivity has increased. C) society has chosen a different set of outputs. D) productivity has declined because workers are demanding more leisure.
The products in a monopolistically competitive industry are:
A. heterogeneous. B. competitive. C. homogeneous. D. uncompetitive.