Which of the following is not held constant along a given demand curve for a good?
A. Consumer tastes.
B. Price of the good itself (own price).
C. Consumer's income.
D. The price of substitute goods.
Answer: B
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Many governments around the world attempt to improve the incomes of commodity producers by taking steps to increase the commodity price in the domestic market
Although this may reduce quantity demanded for the product, the action may be effective because: A) commodity supply tends to be inelastic, so quantity does not decline by much. B) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities. C) commodity demand tends to be inelastic, so higher prices generate higher sales revenue. D) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities.
Unless the aggregate supply curve is vertical, decreases in aggregate demand tend to
A. result in inflation. B. cause the interest rate to rise. C. result in increases in real output. D. result in decreases in GDP.
The cost of processors and memory has decreased dramatically in the past twenty-five years. As a result, we have seen
a. an increase in demand. b. an increase in supply. c. a decrease in demand. d. a decrease in supply.
From 1992, America’s trade performance was marked by a(n)
A. reduced current account deficit. B. increased current account deficit. C. reduced capital account surplus. D. increase in the growth of exports.