Suppose the price of crude oil used to produce gasoline rises significantly. At the same time, consumers purchase hybrid cars in great numbers. In the market for gasoline, demand shifts to the ________ and supply shifts to the ________
A) left, left
B) left, right
C) right, left
D) right, right
A
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To be able to price discriminate, a firm must
A) lower prices for all customers. B) raise prices for all customers. C) be able to identify and separate different types of buyers. D) sell a product that can be resold. E) Both answers B and C are correct.
The Herfindahl-Hirschman Index will indicate that a contestable market is ________
A) a sequential market B) competitive C) uncompetitive D) a prisoners' dilemma
A possible budget reform involves: a. a quadrennial budget
b. breaking down the budget into increasingly small budget lines. c. appointing agency heads with different priorities than those of elected representatives. d. to simplify the budget document by concentrating only on major groupings and eliminating line items. e. to eliminate the operating budget.
Real national income measures:
a) Nominal national income adjusted for population change b) Nominal national income adjusted for unemployment c) Nominal national income adjusted for inflation d) Nominal national income adjusted for exchange rates