Which of the following is a result of a market economy?
A) environmental protection
B) an equal income distribution
C) agreement on equity
D) voluntary exchange
Answer: D
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Suppose that milk producers expect that the price of milk is going to drop next week. This would cause
A) a decrease in the supply of milk today. B) an increase in the supply of milk today. C) an increase in the demand for milk today. D) the selling price of milk to rise today.
If the government institutes an investment tax credit and decreases income taxes,
a) real GDP falls, and the price level could rise, fall, or stay the same. b) real GDP and the price level fall. c) real GDP rises, and the price level could rise, fall, or stay the same. d) real GDP and the price level rise.
The world's most important reserve currency is the
A. American dollar. B. British pound. C. German mark. D. Japanese yen.
If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is:
A. 2.3. B. 0.3. C. 0.7. D. 3.3.