Figure 3-9
Given the demand (D) and supply (S) for gasoline in , if the price of gasoline were $3 per gallon,
a.
consumers would wish to purchase more than was being supplied.
b.
producers would be supplying more than consumers wished to purchase.
c.
the quantity consumers wished to purchase would equal the quantity that producers wished to supply.
d.
there would be a tendency for the price of gasoline to rise.
b
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The law of diminishing marginal utility may be illustrated by a person
a. buying additional goods after getting a pay raise b. eating more twinkies but enjoying them less c. giving some of income to a needy person d. who spends more hours studying than do his fellow students e. buying goods so long as their marginal utility is greater than zero
Along a segment of the demand curve where the price elasticity of demand is less than 1, a decrease in price:
a. decreases quantity demanded. b. will increase total revenue. c. will decrease total revenue. d. is impossible.
Which of the following is used to test a hypothesis?
a. an aggregate statement b. a rational statement c. a positive statement d. a normative statement
If the United States wants to increase its net exports in the short term, it might take steps to:
A. increase its GDP. B. reduce existing tariffs and import quotas. C. appreciate the dollar compared to foreign currencies. D. depreciate the dollar compared to foreign currencies.