Which of the following will cause the demand curve for iTune music services to shift to the left?
A. a rise in the price of iTune music services
B. the creation of several popular iTune songs
C. a decrease in average incomes of iTune music subscribers if iTune music services are a normal good
D. an increase in population
Answer: C
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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.
According to Keynesian analysis, if government expenditures and taxes are increased by the same amount, which of the following will occur?
A) Aggregate supply will decrease B) Aggregate supply will increase C) Aggregate demand will be unaffected D) Aggregate demand will decrease E) Aggregate demand will increase
The Delors Report
A) created the single currency. B) added new countries to the EU. C) created a timetable and steps to economic union. D) eliminate the ERM.
Which of the following is NOT a function of the Fed?
A. supervising member banks B. regulating the money supply C. holding reserves for depository institutions D. determining the credit-worthiness of firms and individuals