If price rises, what happens to the quantity demanded for product?
What will be an ideal response?
It decreases.
You might also like to view...
How does expansionary monetary policy affect a nation's exchange rate?
What will be an ideal response?
A needed reform in the U.S. income tax system that would reduce the costs of inflation is to
A) go back to taxing nominal wage and salary income. B) start taxing real wage and salary income. C) go back to taxing nominal interest income. D) tax real interest income.
With respect to consuming food and shelter, two consumers choose the same bundles and both claim to be in equilibrium. We therefore know that
A) they both have the same MRS of food for shelter. B) they both face the same prices. C) they both face the same budget lines. D) None of above.
GDP can be measured in terms of expenditures but not income, since income is subject to taxation
a. True b. False Indicate whether the statement is true or false