Which of the following statements is FALSE?
A) If there is an increase in the demand for a product, consumers want to buy more of the product at each and every possible price.
B) A decrease in demand shifts the demand curve leftward toward the origin, while a decrease in quantity demanded involves a movement upward along a particular demand curve.
C) If the price of a good rises, quantity demanded of the good decreases and the demand curve shifts toward the origin as long as supply is static.
D) A change in the demand for a product is caused by factors other than changes in the product's price.
C
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An increase in the level of U.S. exports ________ the demand for goods and service produced in the United States
A) increases B) does not affect C) decreases D) increases or decreases
Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm?
a. The tax payments on property owned by the firm. b. The wages paid to the 12 employees. c. The half of the payroll taxes on the wages of the 12 employees paid by the employers, but not the half paid by the employees. d. The accounting services provided free of charge to the firm by Paul's wife, who is an accountant.
Which of the books used at the FOMC meetings contains anecdotal information collect by the Federal Reserve Banks?
A. Both the Beigebook and Bluebook B. The Tealbook C. The Beigebook D. The Bluebook
The basic idea behind the convergence theory is:
A. also the basic idea behind the catch-up effect. B. each additional unit of capital provides larger gains when you're coming from behind. C. that countries starting at low levels of income will tend to grow at much faster rates than those starting with high levels of income. D. All of these are true.