Suppose that people find out that eating more fish improves their health, leading them to increase their demand for fish. As a result, the equilibrium price of fish ________ and the equilibrium quantity ________
A) rises; decreases
B) rises; increases
C) falls; decreases
D) falls; increases
B
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The above table shows Sue's total utility from golf and tennis. If the price of each hour of golf is twice the price of each hour of tennis, and Sue plays four hours of tennis, then Sue plays
A) one hour of golf. B) two hours of golf. C) three hours of golf. D) four hours of golf.
Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) personal trainers are deliberately charging high prices because they provide services for wealthy clients. B) the demand for personal trainers has increased. C) the law of demand has been violated. D) the number of personal trainers has increased.
All of the following are exempt from antitrust laws EXCEPT
A) labor unions. B) professional baseball. C) oil companies. D) public utilities.
A citizen in a developing country with a currency policy of convertibility on the current account could engage in all of the following transactions except:
A. sell foreign currency resulting from the exports of manufactured t-shirts. B. sell foreign currency resulting from the sale of a U.S. treasury bond. C. purchase foreign currency in order to import a BMW. D. purchase foreign currency in order to purchase a U.S. treasury bond.