An example of an intermediate good would be
A) the bread that goes into a sub sandwich that is sold by Quiznos.
B) the soda pop sold by Quiznos.
C) a sub sandwich sold by Quiznos.
D) the potato chips sold by Quiznos.
Answer: A
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Policy making that is carried out in response to a rule is
A) restrictive policy making. B) passive policy making. C) determined policy making. D) active policy making.
In the mid-1970s, Newsweek magazine reported that the city of Atlanta lowered its city bus fares from 40 cents to 15 cents a passenger. The number of bus riders increased by 15 percent after the fare cut
This set of results indicates that the demand for bus rides in Atlanta at that time was A) unit elastic. B) perfectly inelastic. C) elastic. D) inelastic. E) perfectly elastic.
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
If a perfectly competitive market is in equilibrium and then market demand increases, which of the following would happen?
a. producer surplus would definitely increase and consumer surplus may increase or decrease b. producer surplus would definitely decrease and consumer surplus may increase or decrease c. consumer surplus would definitely decrease and producer surplus may increase or decrease d. consumer surplus would definitely increase and producer surplus may increase or decrease e. producer and consumer surplus would remain unchanged