A major point of difference between President Obama and Senator McCain in the 2008 campaign was
A. the desirability of increasing the federal minimum wage.
B. the wisdom of stabilizing the U.S. banking system.
C. the temporary Bush tax cuts of 2003.
D. all of the options are correct.
Answer: C
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Distinguish between "a change in demand" and "a change in quantity demanded." What are the causes of each type of change and how do we illustrate them graphically?
What will be an ideal response?
An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from
a. higher anticipated costs of production in the U.S. b. higher interest rates and higher inflation in the U.S. c. higher growth rates in the trading partner's economy d. a change in the terms of trade e. lower export industry productivity
What phenomenon does the kinked demand theory attempt to explain? What assumptions does it make? Finally, what criticism has been leveled against the theory?
Producer surplus equals the
a. value to buyers minus the amount paid by buyers. b. value to buyers minus the cost to sellers. c. amount received by sellers minus the cost to sellers. d. amount received by sellers minus the amount paid by buyers.