A tendency for a good to come into favor with consumers because other consumers have chosen to buy the item is
A) price-leadership.
B) a negative-sum game.
C) positive market feedback.
D) negative market feedback.
Answer: C
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If the number of wine producers decreases
A) the supply of wine increases. B) the supply of wine decreases. C) the demand for wine decreases. D) the demand for wine increases.
The percentage rate of change in the price level is called the
A) Consumer Price Index. B) rate of inflation. C) chain-weighted price index. D) rate of absorption.
Which of the following indicates that the average standard of living is rising?
a. Real GDP decreases faster than the price level. b. Real GDP increases faster than the price level. c. The population increases. d. Real GDP increases faster than the population. e. Population increases faster than real GDP.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.