A temporary decrease in the price of oil would be considered a:
A. long-run supply shock.
B. demand shock.
C. short-run supply shock.
D. The changing price of oil would not affect any of these.
Answer: C
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If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a good, the income elasticity of demand equals ________ and the good is ________ good
A) 0.80; an inferior B) 1.2; a normal C) 0.80; a normal D) -1.2; an inferior
The Federal Open Market Committee usually meets ________ times a year
A) four B) six C) eight D) twelve
The standard deduction depends on
A. family size. B. how money is spent (e.g. on state and local taxes or home mortgage interest). C. how much money is saved. D. family structure (i.e. filing status).
Use the following graph of the demand for electric cars to answer the question below.
Refer to the three demand curves for electric cars. Which of the following would shift the demand for electric cars from D1 to D3?
A. an increase in the price of electric cars B. a decrease in the price of electric cars C. a decrease in the price of gasoline D. an increase in the price of gasoline