To conduct a general equilibrium analysis of a change in consumer preferences away from beef and toward chicken, you must consider
A. changes in the price of resources allocated to the production of beef and chicken.
B. changes in the amount of resources allocated to the production of beef and chicken.
C. changes in the equilibrium prices and quantities of beef and chicken.
D. all of the above
Answer: D
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Which political philosophy believes that the government should equalize the incomes of all members of society?
a. Utilitarianism. b. Liberalism. c. Libertarianism. d. None of the above is correct.
If you believe that velocity is constant and that the aggregate supply curve is horizontal, then the quantity theory of money would predict that a doubling of the money supply would cause a doubling of the
A. price level and real output. B. price level. C. price level and no change in real output. D. real output.
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, what is causing more and more consumers to get a complete genetic profile of themselves?
A. The cost of genetic testing is decreasing. B. The government is subsidizing genetic testing through Medicare. C. More employers are requiring genetic testing before workers are hired. D. More people want to know which famous person they are related to.
The transactions approach to measuring money stresses the role of money as a
A. store of value. B. medium of exchange. C. standard of deferred payment. D. unit of accounting.