A change in price will lead to a change in __________ and to a change in __________, while a change in preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________
A) quantity supplied; demand; income; supply
B) demand; quantity supplied; supply; quantity demanded
C) quantity supplied; supply; quantity supplied; demand
D) quantity supplied; quantity demanded; demand; supply
E) quantity supplied; quantity demanded; supply; demand
D
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The percentage return on a loan expressed in terms of goods and services is the
A) real wage rate. B) CPI interest rate. C) real interest rate. D) nominal wage rate. E) nominal interest rate.
Foreign residents can benefit from U.S. research and development activity because
A) they ignore U.S. patent laws and steal the technology. B) they can import the goods, obtaining inputs at lower cost than they would otherwise. C) countries usually share patented ideas. D) patents do a poor job of protecting the inventor.
Which of the following is NOT a determinant of the demand for gasoline?
A. The price of diesel B. Consumers' incomes C. The supply of gasoline D. The price of automobiles
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If the condition of the economy at point E is realized by policy makers when the economy is at point G, policy is likely to be inappropriate due to
A. crowding out. B. the response lag. C. the recognition lag. D. the implementation lag.