Change in quantity of demand vs. Change in demand
What will be an ideal response?
Change in quantity= Price; Change in demand= anything but price
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Refer to the figure above, which shows a country's possible production possibility frontiers and indifference curves. If the country is producing at ________, then moving to ________ will cause utility to ________
A) point c; point b; remain unchanged B) point a; point b; increase C) point c; point b; increase D) point c; point b; decrease E) point a; point c; remain unchanged
Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. The U.S. has a comparative advantage in producing
A) food. B) clothing. C) food and clothing. D) neither good.
Which of the following can be a barrier to entry, closing a market to new firms?
A) an elastic industry demand curve B) control of a vital resource by one producer C) diseconomies of scale D) ease of obtaining capital financing
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.