Products can be differentiated
A. if the buyers are homogeneous and their number increases.
B. only by brand name.
C. by location and by brand name.
D. none of these.
Answer: C
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Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach?
A) disastrous weather that destroys half of this year's spinach crop B) a rise in the price of spinach C) an increase in wages for workers in spinach fields D) great weather that produces a bumper spinach crop this year
If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant? (Assume the price level stays constant.)
A) a $133.33 billion increase in GDP B) a $133.33 billion decrease in GDP C) a $30 billion increase in GDP D) a $300 billion decrease in GDP E) a $300 billion increase in GDP