Which of the following events, ceteris paribus, would increase the demand for the Mexican peso?
a. a decrease in Mexican tariffs on goods purchased from the United States
b. an increase in taste for Mexican-made products in the United States
c. a decrease in taste for Mexican-made products in the United States
d. a decrease in average incomes across the United States
b. an increase in taste for Mexican-made products in the United States
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If the supply curve and the demand curve both shift to the left, then the new equilibrium:
A. price will be lower, but the direction of the change in quantity is uncertain. B. quantity will be higher, but the direction of the price change is uncertain. C. price will be higher, but the direction of the change in quantity is uncertain. D. quantity will be lower, but the direction of the price change is uncertain.
The idea of policy making being undertaken as a response to a change in the economy is referred to as
A) active policy making. B) non-discretionary policy making. C) passive policy making. D) Keynesianism.
Consider the supply and demand curves depicted in the diagram below. If the government imposed a price ceiling of $15, then sellers will be willing to sell ___, and a black market could develop where the price would be:
A. 24 units; below $15
B. 36 units; above $15
C. 24 units; above $15
D. 36 units; below $15
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, what's his opportunity cost as an opera star?
A. $100,000 B. $1.9 million C. $2.1 million D. $2.0 million