"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
A. price of peaches will fall.
B. quantity of peaches that will be available at any given price has decreased.
C. demand for peaches will shift to the left.
D. quantity of peaches that will be available at any given price have increased.
Answer: B
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A new U.S. import quota on imported steel would be likely to:
A. raise the cost of production to steel-using American firms. B. generate tax revenue to the government. C. decrease U.S. production of steel. D. increase the production of steel-using American firms.
If Fred's annual real income rises by 8 percent each year, his annual real income will double in about:
A. 5-6 years. B. 19-20 years. C. 8-9 years. D. 10-11 years.
Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
A. 1 unit of drill presses. B. 2 units of drill presses. C. 3 units of drill presses. D. 4 units of drill presses.
Suppose that the price level does not change while real GDP decreases. As a result,
A) the quantity of money demanded decreases and there is a movement downward along the demand for money curve. B) the supply of money curve shifts leftward. C) the demand for money increases and the demand for money curve shifts rightward. D) the demand for money decreases so that households and firms hold smaller amounts of money. E) the supply of money curve shifts rightward.