Which of the following best describes the difference between a demand curve and a demand schedule?
A) A demand curve shows different quantities of a good demanded at different prices, whereas a demand schedule shows different quantities of a good demanded at different incomes.
B) A demand curve can be derived from a demand schedule, but a demand schedule cannot be derived from a demand curve.
C) A demand curve shows different quantities of a good demanded at different incomes, whereas a demand schedule shows different quantities of a good demanded at different prices.
D) A demand curve is a graphical representation of the relationship between the quantity of a good and its price, whereas a demand schedule is a tabular representation.
D
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Suppose that changes in the interest rate have absolutely no effect on the demand for money. The resulting ________ LM curve causes monetary policy to have ________ effect in changing income
A) horizontal, no B) horizontal, an unusually strong C) vertical, no D) vertical, an unusually strong
Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. Suppose the government imposes a $2.00 per gallon tax on milk. The new general equilibrium price of cereal is:
A. $9.66. B. $9.76. C. $7.76. D. $11.76.
Which of the following strategies will a government adopt to increase the production of a good?
a. An excise tax on producers b. An excise tax on consumers c. A subsidy to buyers d. A capital gains tax on producers
The Great Depression provided support for Keynes' view that
a. government action was necessary to ensure interest rates remained at the equilibrium level. b. prolonged periods of unemployment would be present when demand is deficient. c. falling resource prices would bring the economy out of a recession. d. lower interest rates would quickly restore the full employment equilibrium of an economy.