Referring to a production possibilities curve and the goods being compared, depict the economic event. Computerization in the 1990s launched thousands of new businesses in the United States (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve
B. A movement from a point on the curve to a point inside the curve
C. A shift in the entire curve to the right (outward)
D. A shift in the entire curve to the left (inward)
C. A shift in the entire curve to the right (outward)
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Suppose a consumer only consumes goods x and y, and suppose that x is a normal good while y is an inferior good. Which of the following is might be true?
A. The cross-price elasticity of demand for x is positive. B. The cross-price elasticity of demand for x is negative. C. The own-price elasticity of demand for y is positive. D. The own-price elasticity of demand for y is negative. E. Both (a) and (c). F. Both (b) and (d). G. All of the above. H. None of the above.
If the slope of a linear function changes with no change in the Y-intercept
a. the graph shifts either up or down in a parallel way. b. the graph remains unchanged. c. the graph rotates about its X-intercept. d. the graph rotates about its Y-intercept.
During the financial crisis of 2008, which company did not receive a loan from the Fed?
a. J. P. Morgan b. General Electric c. American International Group d. Bank of America
The law of demand states that, other things equal, when the price of a good
a. falls, the demand for the good rises. b. rises, the quantity demanded of the good rises. c. rises, the demand for the good falls. d. falls, the quantity demanded of the good rises.