Consider the market for the normal good hotdogs. Suppose the number of hotdog consumers increases and the wages of hotdog workers decreases. Once equilibrium is re-established in the market it can be predicted that the equilibrium price of hotdogs will ___
Fill in the blank(s) with the appropriate word(s).
Answer: be indeterminate
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Refer to the above table. Suppose the price of X increases from $10 to $12. What is the cross price elasticity of demand between X and Z?
A) +0.292 B) +7.06 C) -7.06 D) -0.292
Which of the following is true of government debt?
a. The interest payments on federal bonds held by Americans will be paid to investors in other countries. b. The share of the federal debt held by foreigners has declined from 35 percent of GDP in 1990 to less than 10 percent of GDP in 2012. c. Between 2000 and 2012, federal debt owed to foreigners has risen from approximately 10 percent to 35 percent of GDP. d. Less than 5 percent of the federal debt is owed to foreigners.
The graph above shows the demand and cost conditions facing a monopolist. What price will the monopolist set?
A. $20 B. $40 C. $60 D. $30 E. $50
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.