Assuming there is a rise in supply of copper, if the market for copper is allowed to adjust, the ultimate result will be:
A) an increase in price and an increase in the quantity demanded.
B) an increase in price and an increase in the quantity supplied.
C) a decrease in price and an increase in the quantity demanded.
D) a decrease in price and an increase in the quantity supplied.
C
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A White House proposal to lower business taxes by increasing tax deductions is an example of
A) progressive taxation. B) contractionary fiscal policy. C) automatic stabilization. D) expansionary fiscal policy.
Which of the following is true?
i. The advanced economies account for more than half of global production. ii. Almost four out of every five people in the world live in the developing economies. iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies. A) Only i and ii B) Only ii and iii C) Only i and iii D) Only i E) i, ii, and iii
Under a gold standard, countries control
A) its flexible exchange rate. B) monetary policy oriented toward domestic goals. C) international capital movements. D) foreign inflationary policies. E) and avoid risks in international trade.
Normative economic analysis _____
a. is concerned only with the facts b. is a statement about the relationship between a policy change an outcome c. judges the desirability of a policy change d. does not involve value judgments