Which of the following is a positive economic statement?
A) The standard of living in the United States is too low.
B) If the price of beef falls, a larger quantity of it will be bought.
C) The government should implement a national consumption tax.
D) The U.S. government should increase regulations on the banking industry.
Answer: B
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According to your authors, the prohibition on alcohol kept the ________ curve relatively stable while the ________ curve became more ________
A) supply; demand; elastic B) supply; demand; inelastic C) demand; supply; elastic D) demand; supply; inelastic
Is it possible for a currency to appreciate relative to another currency, and depreciate relative to a third? a. No, this is not theoretically possible; a currency rises or falls against all others. b. No, although this could occur under a strict gold standard
c. Yes, this is possible in a world of floating exchange rates. d. Yes, in theory, but it does not happen in reality.