Something that affects the amount of money in existence will
A) affect all markets.
B) have no particular effect.
C) have an effect only if the change in money is large.
D) not affect the economy as a whole but may affect certain key markets such as the market for loans.
A
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If a 10 percent increase in income leads to a 5 percent decrease in the demand for a good, the income elasticity of demand equals ________ and the good is ________ good
A) 1/2; a normal B) -1/2; an inferior C) 2; a normal D) -2; a normal E) -5; an inferior
Figure 7-8
Of the graphs in Figure 7-8, which represents total cost?
A. 1 B. 2 C. 3 D. 4
Ceteris paribus, if the market supply of a product increases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; decrease b. decrease; increase c. increase; increase d. decrease; indeterminate
Which of the following would cause a shift of the demand curve to the right?
a. The price of a complement increases.
b. The number of buyers in a market decreases.
c. Tastes change against a good.
d. Future price increase is expected.