According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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Refer to the following graphs to answer the question below.
Select the graph above that best shows the changes in demand and supply in the market for music CDs sold in stores, if more consumers switch to music-downloads from the Internet, and the cost of making music CDs decreases because of technological improvement in production.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
Of the following, which determines the price a price searcher will be able to charge?
A) The costs of capital B) The costs of labor C) Advertising costs D) Demand E) A, B, and C above.
All of the following are possible private-sector adjustments to an increase in the government's budget deficit except
A) increasing private savings. B) decreasing investment. C) decreasing expenditures on transfer programs. D) increasing the trade deficit by increasing imports and/or decreasing exports.
If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded. B) the unit change in quantity demanded equals the unit change in price. C) a two percent increase in price leads to a two percent decrease in quantity demanded. D) an increase in price of any amount leads to quantity demanded falling to zero.