If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?
a. Price would increase, and quantity would decrease.
b. Price would decrease, and quantity would decrease.
c. Price would increase, and quantity would increase.
d. Price would decrease, and quantity would increase.
b
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Which of the following could decrease the demand for yen in the foreign exchange market?
a. a higher inflation rate in Japan b. higher interest rates in Japan c. lower prices in the U.S. d. a depreciation of the dollar e. an appreciation of other currencies
Free market economies have led to
a. high growth rates but low efficiency. b. high efficiency and low growth rates. c. high growth rates and high efficiency. d. low growth rates and low efficiency.
Which of the following countries is not an OPEC member?
A. Saudi Arabia B. Iran C. Venezuela D. Norway
The new classical interpretation of the economy suggests that
A) output is always above the natural level. B) output is always below the natural level. C) output is always equal to the natural level. D) recessions will not occur.