In an effort to balance the budget, the government cuts spending rather than increasing taxes. What will happen to the consumption schedule?
a. It will become steeper.
b. It will become flatter.
c. It will shift upward.
d. It will shift downward.
e. It will remain the same and move along it.
d
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The CPI was 170 last year and is 190 this year. What is the inflation rate between these two years?
A) 20 percent B) 11.8 percent C) 18 percent D) 15.0 percent E) 10.5 percent
The federal budget has three components. Name them
What will be an ideal response?
Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. In what type of market does Lee operate?
A) monopolistic competition B) monopoly C) oligopoly D) perfect competition
The demand curve a monopolist faces
a. is more elastic than a perfectly competitive firm's demand curve b. is the market demand curve c. is as elastic as a perfectly competitive firm's demand curve d. is not affected by the prices of complements e. will not shift in response to a change in consumer tastes