1)The price of margarine doubles. What would most likely happen in the market fo
ID: 1255363 • Letter: 1
Question
1)The price of margarine doubles. What would most likely happen in the market for butter?
a)Demand for butter will likely decrease, leading to lower butter prices.
b)Demand for butter will likely decrease, leading the higher butter prices .
C)Demand for butter will likely increase, leading to lower butter prices
D)Demand for butter will likely increase leading to higher butter prices
E)Butter will become an inferior good.
2)The tax cuts passed during the Reagan administration were designed primarily
A)To make it more difficult for consumers to spend
B)To shift the aggregate demand curve leftward
C)To reduced trade deficit.
D)To increase the supply of productive resources and increase aggregated supply
E)To make filling out tax returns easier for the average taxpayer.
3)Which of the following is the best definition of economic growth?
A)Massive increase in the money supply coupled with inflation
B)An increase in home ownership
C)An increase in normal GDP combined with a similar increase in the price level.
D)An increase in real per capital GDP.
Explanation / Answer
1)The price of margarine doubles. What would most likely happen in the market for butter?
a)Demand for butter will likely decrease, leading to lower butter prices.
b)Demand for butter will likely decrease, leading the higher butter prices .
C)Demand for butter will likely increase, leading to lower butter prices
D)Demand for butter will likely increase leading to higher butter prices
E)Butter will become an inferior good.
2)The tax cuts passed during the Reagan administration were designed primarily
A)To make it more difficult for consumers to spend
B)To shift the aggregate demand curve leftward
C)To reduced trade deficit.
D)To increase the supply of productive resources and increase aggregated supply
E)To make filling out tax returns easier for the average taxpayer.
3)Which of the following is the best definition of economic growth?
A)Massive increase in the money supply coupled with inflation
B)An increase in home ownership
C)An increase in normal GDP combined with a similar increase in the price level.
D)An increase in real per capital GDP.
Hope this helps
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