Which of the following is most likely to occur because of an increase in the price of electricity in California?
A. An increase in electricity imported into California.
B. An increase in the consumption of electricity in California.
C. A decrease in electricity imported into California.
D. A decrease in the supply of electricity in California.
Answer: A
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The gains from free trade are enjoyed by a ________ number of people and the costs of free trade are imposed by ________ number of people
A) small; large B) large; small C) small; small D) large; large
Because of a late night out with friends, Ayana decided to sleep in rather than attend her 8 a.m. economics class. According to economic analysis, her choice was
a. irrational, because economic analysis suggests you should always attend classes that you have already paid for. b. irrational, because oversleeping is not in Ayana's self-interest. c. rational only if Ayana has not missed any other classes. d. rational if Ayana values sleep more highly than the benefit she expects to receive from attending the class.
A financial intermediary's main function is to match ________ with excess funds to ________ with a shortage of funds
A) savers; borrower B) borrower; savers C) governments; households D) firms; insurance companies
If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded
A) will increase by 45 percent. B) will increase by 5 percent. C) will decrease by 45 percent. D) will decrease by 5 percent.