Economists at which of the following offices help formulate spending plans and regulatory policies?
a. Office of Management and Budget
b. Department of the Treasury
c. Congressional Budget Office
d. The Federal Reserve
a
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If the price elasticity of demand coefficient equals 2 then:
a. a 7 percent decrease in the price will result in a 14 percent decrease in the quantity demanded. b. a price decrease will increase total revenue. c. the good has an inelastic demand. d. there is likely few substitutes, a short time period under consideration, or this good accounts for a relatively small percentage of consumers' budgets.
The 2012 box office receipts for the movie The Avengers were $1,515.8 million. By way of comparison, the 1977 receipts for Star Wars were $798.0 million. If the Consumer Price Index was 60.6 in 1977 and 229.6 in 2012, which of the following is true?
a. The real receipts of The Avengers were almost four times greater than those for Star Wars. b. The real receipts of Star Wars were nearly two times greater than those for The Avengers. c. The real receipts of The Avengers were one-third of those for Star Wars. d. The real receipts of Star Wars were about 33 percent greater than those for The Avengers.
If the price of a resource is raised, according to the substitution effect, ________; according to the output effect, _________, thereby lowering the employment of all resources.
Fill in the blank(s) with the appropriate word(s).
Based on the anchoring effect, a seller has an incentive to plant a relatively ________ number in the buyer's head, and a buyer has an incentive to plant a relatively ________ number in the seller's head.
A. large; large B. large; small C. small; large D. small; small