The law of supply includes the statement "other things being equal." These other things include all of the following EXCEPT
A) resource prices.
B) technology.
C) producers' expectations.
D) consumer's income.
Answer: D
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"The tax on insulin in the Philippines is anywhere between 10 and 20 percent. If you are rich and living in the Philippines, this is not a problem, but if you are poor, then insulin becomes something that you cannot afford"
If the government places the tax on sellers, what is the effect on the supply and demand curves? A) The demand curve stays the same and the supply curve shifts leftward. B) The demand curve shifts rightward and the supply curve stays the same. C) Both the demand and supply curves shift leftward. D) The demand curve shifts leftward and the supply curve stays the same.
Only when the goods market is in equilibrium is it true that ________
A) actual expenditure equals output B) the amount of goods and services produced equals actual expenditure C) planned expenditure equals the amount of goods and services produced D) demand for foreign goods equals foreigners' demand for domestic goods E) none of the above
The decline of the full-service wholesale houses CANNOT be traced to
a. competition from the marketing departments of large manufacturers. b. many industries adopting the "continuous process" manufacturing. c. the rise of brand identity. d. All of the above are correct. e. Only a and c are correct.
What happens to the quantity of loanable funds supplied when the interest rate rises? Explain why this change happens