In recent decades, other countries have:
a. caught up to the U.S. in several important economic arenas
b. surpassed the U.S. in several important economic arenas
c. both of the above are true
c
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What would be an example of a consumption good?
A) Donald Trump purchases furniture for his office. B) Antonio, the manager of the local Taco Hut, purchases a new deep fryer. C) Jake buys an iPhone. D) The local driver's license office purchases a new digital camera and printer. E) Rhianna gets a haircut.
Using the information in situation 20-2, if government spending increases by $100, then the equilibrium aggregate output will change by
A) -$1,000. B) -$100. C) $100. D) $1,000.
A specific tax in a monopoly market equal to the marginal harm of pollution
A) will increase welfare. B) will decrease welfare. C) will leave welfare unchanged. D) All of the above are possible.
If the price of apples falls and apples and oranges are substitutes, we would expect:
a. The quantity of apples demanded to increase and the demand for oranges to increase.
b. The quantity of oranges demanded to decrease and the demand for apples to increase.
c. The quantity of apples demanded to increase and the demand for oranges to decrease.
d. The quantity of oranges demanded to decrease and the demand for apples to decrease.