A. decrease the quantity of X demanded by more than 4 percent. B. decrease the quantity of X demanded by less than 4 percent. C. increase the quantity of X demanded by more than 4 percent. D. increase the quantity of X demanded by less than 4
percent.
A. the price elasticity of demand is 0.44.
B. A is a complementary good.
C. the price elasticity of demand is 2.25.
D. A is an inferior good.
Answer: C
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In the United States during the 1970s, the unemployment rate rose from previous years, and the inflation rate increased rapidly. This set of events is best described by saying that the
A) the long-run Phillips curve shifted leftward. B) short-run Phillips curve shifted downward. C) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift. D) short-run Phillips curve shifted upward. E) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift.
A farmer who sells September corn futures at the time he plants his corn in May is
A) competing against speculators, who profit from price fluctuations. B) increasing his risk from price fluctuations. C) reducing his risk from price fluctuations. D) reducing or increasing his risk from price fluctuations, depending on what subsequently happens to the price of corn.
If the dollar appreciates against the Mexican peso,
A) U.S. exports to Mexico become less expensive. B) U.S. exports to Mexico become more expensive. C) Mexican imports to the U.S. become more expensive. D) The value of Mexican imports to the United States does not change.
If the price of flash memory cards increases, then there will be ________ of flash memory cards
A) a decrease in the supply B) an increase in the supply C) an increase in the quantity supplied D) a decrease in the quantity supplied