Which of the following would cause the demand for sandwiches to shift to the left
among college students?
An increase in scholarships per semester to college students
Half-prices sandwiches for any body with a college ID.
An increase in the price of a complement, milk.
An increase in the number of students attending college.
Perfect competition results because of:
no barriers to entry in the industry
inadequate regulation by the government
product differentiation
lack interest by potential competitors.
A backward-bending labor supply curve would mean that:
the income effect dominates the substitution effect.
the substitution effect dominates the income effect
Both income and substitution effects are very strong.
The income and substitution effects are equal.
If Yvonne decreases her consumption of good A when the price of good B is lower. The
most likely explanation for this behavior is:
goods A and B are substitutes
good A and B are irrelevant.
goods A and B are complements
goods A and B are normal goods
If central bank purchase bonds from other banks, the result is
an increase in bank reserves
an increase in short-term interest rates.
a decrease in the amount of currency held by the public excluding banks.
a decrease in required reserve ratio.
When the government increases taxes and government spending temporarily by equal amounts.
income falls.
interest rates rises.
consumption falls.
investment falls.
Long-run and short-run elasticities differ based on how rapidly consumers respond to
price changes and how many substitutes are available.
Because a subsidy raises marginal benefit, it can be used to eliminate the deadweight
loss from over-production.
If the price level rises relative to the money wage rate, firms decrease the quantity of
labor they demand and workers increase the quantity of labor they supply.
In a large open economy with floating exchange rate, if an import quota is adopted,
then real exchange rate will appreciate.
A reduction in the tax rate will likely cause M1B multiplier to increase and M2
multiplier to increase.
Suppose real GDP is currently $8.0 trillion but potential GDP is $10.0 trillion.
Congress has asked you to design a lump-sum tax cut that would move the economy
towards fulll employment. Explain how would you do about estimating the size of the
tax cut needed to attain full employment, taking into account possible changes in the
price level as well as changes in real GDP. (10 分)
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