Andy spends $30 a week on movies and magazines. The price of a movie is $8, the price of a magazine is $2, and Andy sees 3 movies a week and buys 3 magazines
The price of a magazine increases to $4 and Andy's brother gives him $6 a week so that he can still see 3 movies a week and buy 3 magazines. In this situation, Andy will see ________ movies a week and buy ________ magazines. A) fewer than 3; fewer than 3
B) 3; 3
C) fewer than 3; more than 3
D) more than 3; fewer than 3
D
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In the figure above, with the rent ceiling ________ units of housing are available, and black market rents might be as high as ________ a month
A) 3,000; $625 B) 6,000; $400 C) 3,000; $550 D) 4,000; $550 E) 4,000; $625
At the Great Exhibition in London (1851), American products were a primary attraction because they were:
a. elegantly designed. b. very long lasting. c. cheap and functional. d. handmade by skilled artisans.
If nominal GDP increases 4 percent during a year, and real GDP increases 7 percent during the same year, which of the following must by true?
a. The total value of GDP must have increased 11 percent during the year. b. The general level of prices as measured by the GDP deflator decreased by approximately 3 percent during the year. c. The general level of prices as measured by the GDP deflator increased by approximately 3 percent during the year. d. Imports must have been about 3 percent larger than exports during the year.
The U.S. tax system as a whole is basically
A. Proportional. B. Progressive. C. Regressive. D. Variable in its impact because it changes from one year to the next.