Author: Anonymous

Which of the following is NOT TRUE about the equilibrium price in a Competitive Market?

Market for new cars: Suppose the President and Congress decide to reduce federal income tax rates. This event will cause:

Market for hot dogs: Suppose there is an increase in the price of hamburger patties, another popular type of cook-out food. This event will cause:

Opportunity Cost is:

Which of the following is the BEST example of capital, as Economists use the term?

  IF the price of a tube of lipstick was currently $14, then there would be:

Assume the CPI increases from 150 to 180 and a person’s nominal income increases from $50,000 to $60,000 over the same period. This person’s real income has:

When constructing a price index, the base (or reference) period is:

  The percentage change in average prices between hypothetical years 1980 and 1990 was approximately:

Suppose that the US economy is currently producing maximum output. However, through the processes of borrowing and dis-saving, consumers across the country are willing and able to buy even more goods and services. This is likely to cause: