Suppose all of the major computer manufacturers announced that beginning next month there would be major price reductions on their computers. This would cause the current demand for computers to:
a. increase. b. decrease.
c. remain unchanged. d. increase and then decrease.
b
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If marijuana were legalized, it is likely that there would be an increase in the supply of marijuana. Those in favor of legalizing marijuana argue that this would generate less revenue to illegal suppliers. The legalize marijuana proponents must believe the: a. demand for marijuana is elastic
b. demand for marijuana is inelastic. c. demand for for marijuana is unit elastic. d. none of the above.
If you were a Keynesian economist, you would believe that the economy
a. will always move toward full-employment real GDP b. has a tendency to generate inflation regardless of whether it's at full employment real GDP or not c. will decrease unemployment by lowering wage rates until the labor market is in equilibrium d. is driven by the supply-side of the market e. may be in equilibrium at less than full employment