This preview shows pages 1–2. Sign up to view the full content.
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
- Spring '07