In colonial times, the French guinea, the Spanish pistole, and the English crown circulated as money on the streets of New York, Boston, Baltimore, and Philadelphia and were exchanged readily for each other
Indicate whether the statement is true or false
T
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A Business Wire report shows that sales at Target stores increased in 2012 compared to the previous year. (Source: Business Wire, August 30, 2012 ) Incomes grew slightly between 2011 and 2012
Using that fact and the sales data given above means that Target definitely is selling goods and services that A) are normal. B) are inferior. C) have an income elasticity of zero. D) have an income elasticity of 1.
If the demand for a product decreases, then we would expect equilibrium price
a. to increase and equilibrium quantity to decrease. b. to decrease and equilibrium quantity to increase. c. and equilibrium quantity to both increase. d. and equilibrium quantity to both decrease.
Jack has an MPC of 0.82 and Jill has an MPC of 0.78. Ceteris paribus, if the government transfers income from people who behave like Jack to people who behave like Jill,
A. Aggregate demand will increase. B. Aggregate demand will decrease. C. It is not possible to predict what will happen to aggregate demand. D. Aggregate demand will remain the same.
When there is an external cost, the unregulated market
A. minimizes public welfare. B. overproduces the good or service. C. underproduces the good or service. D. reaches the most efficient solution.