This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: changes in a market for a good that is a small portion of ones income? a. b. A larger %; larger % c. L %; smaller % d. S %; L % e. S %; S % f. Same amount; same amount 5. Which describes the current level of imports as a % of GDP? a. 5 % b. 15% c. 25% d. 35% 6. A decrease in an effective price floor will cause the ___ to ___. a. Shortage; increase b. Surplus; increase c. Shortage; decrease d. Surplus; decrease 7. As technology lowers the costs of producing a good with an elastic demand, what is likely to happen to the total amount spent on the good? It will: a. Increase b. Decrease c. Not change 8. Total opportunity cost: next best alternative=cost. 9. EQ and EP increased while costs of producing fell. .. why? a. Supply dec b. Dem inc c. Dem dec d. Supply increased 10....
View Full Document
This note was uploaded on 04/07/2008 for the course ECON 100 taught by Professor Vrooman during the Spring '07 term at Vanderbilt.
- Spring '07