Roy just got a big promotion at work which includes a sizable pay increase. Roy's demand for Ramen Noodles, an inferior good, will likely:
A. decrease, and his demand curve will shift to the left.
B. increase, and his demand curve will shift to the right.
C. decrease, causing a movement down along his demand curve.
D. decrease, and his demand curve will shift to the right.
Answer: A
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A federal system consists of one level of government to provide public goods and services.
A. True B. False C. Uncertain
A "easy" money, tight "fiscal" policy combination will be preferred by society which values
A) low growth rates, but more goods and services in the future. B) public goods today greater than private goods in the future. C) private goods today more than public goods in the future. D) public and private goods in the future more than public and private goods today.
Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, then their total revenue would be:
A. $25,000,000. B. $10,000. C. $2,500,000. D. Cannot answer this question without knowing the cost per pair.
An increase in price expectations shifts the long-run Phillips curve, but not the short-run Phillips curve
a. True b. False Indicate whether the statement is true or false