An increase in price will lead to an increase in quantity supplied. This statement is
A) the law of supply.
B) the law of demand.
C) untrue always.
D) a normative statement.
Answer: A
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Consider a closed economy without the government. If the GDP of the economy is $25,000 and the savings rate in the economy is 25%, the aggregate savings in the economy is:
A) $8,000. B) $8,650. C) $6,250. D) $3,320.
The U.S. tax code
a. all of the reasons given as answers b. to social engineer c. to raise revenue for government spending d. is used to help politicians get elected.
What will happen when there is a rightward shift in the demand curve?
A) The product price will instantaneously adjust downward. B) Product prices do not change in this situation. C) Producers will decrease the product price. D) A new, higher price is not instantaneously achieved, but the price will rise over time.
During the colonial period, the largest cities were typically
a. port towns. b. located in the hinterland. c. in the South. d. landlocked.