Suppose that iPhones are normal goods. If the income of iPhone users decreases, you predict that in the market for iPhones
A. both equilibrium price and quantity will increase.
B. both equilibrium price and quantity will fall.
C. equilibrium price will fall but quantity will increase.
D. equilibrium price will increase and quantity will decrease.
Answer: B
Economics
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If the money supply grew by 6 percent and velocity fell by 2 percent, nominal GDP would: a. fall by 4 percent
b. rise by 4 percent. c. rise by 8 percent. d. rise by 12 percent.
Economics
Fred was working as a sales rep for a firm, and just completed an MBA by taking courses at night. Fred quits his job to pursue a management position. Fred would be considered:
A. underemployed. B. frictionally unemployed. C. structurally unemployed. D. classically unemployed.
Economics