A change in the demand for automobiles may be caused by a _______________.
A. change in the price of gasoline
B. change in income
C. change in tastes and preferences
D. All of these choices
D. All of these choices
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The table above gives the quantity of money and money demand schedules. Suppose that the interest rate is equal to 6 percent. The effect of this interest rate in the money market is that
A) the money market is in equilibrium. B) people buy bonds and the interest rate falls. C) people sell bonds and the interest rate falls. D) bond prices fall and so the interest rate falls.
One feature of the gold standard was that
a. countries had almost complete control over their own monetary policies b. surplus could cause the money supply to decrease c. slow gold production could lead to deflation d. exchange rates were unstable e. each currency was worth the same as other currencies
The definition of efficiency implies that production is carried out on the production possibilities frontier
a. True b. False Indicate whether the statement is true or false
The net loss of consumer and producer surplus from underproduction or overproduction is called:
A. government revenue. B. total surplus. C. efficiency. D. deadweight loss.