A rise in price will always result in an increase in the total amount that consumers spend on a product.
Answer the following statement true (T) or false (F)
False
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The political wisdom of choosing a tariff acceptable to the median U.S. voter is
A) a good example of the principle of the second best. B) a good example of the way in which actual tariff policies are determined. C) a good example of the principle of political negotiation. D) not evident in actual tariff determination. E) usually evident in actual tariff determination.
A consumer's demand for CDs can be represented by a line with slope -b and intercept a. If the current price of CDs is $P, then the ratio of consumer surplus to total expenditures on CDs equals
A) (a - P)(a - bP). B) 1/2(a - P)(a - bP). C) D(a - bP). D) (a - P)/P. E) (a/b - P)/(2P).
If the price of inputs falls and the government deficit rises:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls, and aggregate supply rises. d. Aggregate demand and aggregate supply rise.
China's approach to market development has been
A. nonexistent. B. inefficient and intermittent. C. unrealistic and uneven. D. pragmatic and gradual.