Ceteris paribus, if the market demand for a product decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; increase
b. indeterminate; decrease
c. indeterminate; increase
d. decrease; decrease
d
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If tea and coffee are substitutes, the cross elasticity of coffee with respect to the price of tea will be ________ and an increase in the price of tea will ________ the demand for coffee
A) positive; increase B) negative; decrease C) negative; increase D) positive; decrease
Since World War II, world trade has
A) decreased in importance as nations turn inward due to security concerns. B) increased, but not as dramatically as annual world real GDP has climbed. C) risen sharply, outpacing gains in annual world real GDP. D) increased in relative importance for most nations, but not for the United States.
Define the following terms and explain their importance to the study of macroeconomics. a. Structural budget deficit b. Monetize the deficit c. Crowding out d. Inflation accounting e. Mix of fiscal and monetary policy
What will be an ideal response?
In the early twentieth century, racial segregation of streetcars in the southern cities was largely opposed by
a. streetcar firms. b. government officials. c. Federal lawyers applying the Sherman antitrust laws. d. consumers.