Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease
b. A 50 percent reduction in the price of steaks
c. A double-digit increase in the price of chicken
d. A recession leading to a significant fall in the income levels of consumers
e. The expectation that the price of steaks will double within two months
d
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Colleges offer tuition scholarships even when they are running budget deficits because colleges
A) are public service institutions. B) can often earn additional net income by offering tuition scholarships. C) hope to receive contributions later from the recipients of scholarships. D) set tuition levels and establish scholarship policies without considering the monetary advantages.
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
A. The domestic price of shoes would fall. B. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. C. The number of unemployed workers in the domestic shoe industry would decline. D. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.
Flour is an input used to produce cookies. Suppose that the price of flour rises. As a result
A) the supply curve for flour will shift to the right. B) the supply curve for flour will shift to the left. C) the supply curve for cookies will shift to the right. D) the supply curve for cookies will shift to the left.
Which of the following statements is true?
A. The Federal funds rate is higher than the prime interest rate B. The prime interest rate is higher than the Federal funds rate C. The Federal funds rate and the prime interest rate are often the same D. The prime interest rate is often the same as the discount rate