When the U.S. housing market slumped from 2005 to 2007, we would expect the demand curve for lumber
a. exhibited a movement along to the right
b. shifted to the left
c. exhibited a movement along to the left
d. shifted to the right
e. None of the answers is correct.
B
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Jane stitched a prom dress which she could have bought for $180 from a store. Which of the following will happen if she keeps the dress for herself?
A carbon tax placed on coal would:
A. raise the costs of goods produced using coal, raising their price, and thus decreasing the quantity demanded of these goods. B. not affect emissions of greenhouse gases. C. shift the demand curve for coal to the right. D. make coal a more attractive form of energy.
The change in the quantity of labor demanded resulting from a change in the relative cost of labor is known as the ________ effect.
A. input-substitution B. price elasticity C. output D. derived demand
Considering the methods available to the FDIC for dealing with a failed bank, the depositors of the failed bank should:
A. prefer the purchase and assumption method since the deposits over $250,000 will also be protected. B. prefer the payoff method since a lot less paperwork is involved for the depositor. C. prefer the payoff method because they will have access to their funds earlier. D. be indifferent between the two since it really does not matter to them which method is used.