Refer to the graph shown. An increase in U.S. income would shift:
A. S1 left and cause the euro to gain value.
B. S1 right and cause the euro to lose value.
C. D1 left and cause the euro to lose value.
D. D1 right and cause the euro to gain value.
Answer: D
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Which of the following does NOT describe the intended purpose of the antitrust laws of the United States?
A) to promote competition within the economic system B) to reduce the power of monopolies C) to prohibit certain economic activities that promote trade D) to restrict the formation of monopolies
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that
a. cities could raise revenue by increasing bus fares b. the demand for bus travel is price elastic c. bus travel and automobile travel are complements d. bus travel is an inferior good e. bus travel is a luxury