"As the price of apples goes up, the demand for apples goes down." The author of this statement
A) implies that price and demand are unrelated.
B) uses the word "demand" when he should use the word "supply."
C) uses the word "demand" when he should use the words "quantity demanded."
D) implies that demand and price have a direct relationship.
C
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If aggregate expenditure in an economy equals 3,000 + 0.75Y and full employment real GDP equals 12,000, then this economy has
A. no autonomous expenditure. B. a recessionary gap. C. an inflationary gap. D. no output gap.
The demand curve for euros (in terms of U.S. dollars) is ________.
A. downward-sloping because, at lower dollar prices for euros, Americans will want to buy more European goods and services B. downward-sloping because the dollar price of euros and the euro price of dollars are directly related C. downward-sloping because, at higher dollar prices for euros, Americans will want to buy more European goods and services D. upward-sloping because a higher dollar price of euros makes European goods and services more attractive to Americans
Double taxation refers to the negative feature of
a. all businesses in the United States b. sole proprietorships c. corporations d. the federal and state tax systems e. partnerships
Which one of the following statements about tariffs and quotas is correct?
A. Only the tariff produces revenues for the government. B. Only the quota will cause domestic production to increase. C. Only the quota will cause domestic prices paid by consumers to increase. D. Only the quota will cause the quantity of imports to decrease.