A change in the ________ leads to a change in demand that causes a ________.
A. price of other goods; shift in the demand curve
B. price of other goods; movement along the demand curve
C. price of the original product; shift of the demand curve and a movement along the new demand curve
D. price of the original product; shift of the demand curve
Answer: A
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In the United States, Texas ranks number one in the amount of installed megawatts for wind power generation and Florida ranks number one in the number of beach vacations. These facts point out that
A) Texas has a comparative advantage in wind power generation. B) Texas definitely has an absolute advantage in wind power generation. C) Florida should produce more wind energy. D) Florida can produce wind energy at a lower opportunity cost than can Texas.
In a small economy, consumption spending is $6,000, government spending is $1,200, gross investment is $1,500, exports are $2,000, and imports are $1,000. What is gross domestic product?
A) $9,700 B) $9,800 C) $10,800 D) $11,700
Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's
A. ATC is $35.
B. ATC is $57.
C. total cost is $270.
D. total cost is $30.
Assuming all else equal, the credit supply curve shows the relationship between the quantity of credit supplied and the:
A) real wage rate. B) real interest rate. C) income tax rate. D) inflation rate.