If consumer tastes for electric cars increase over the next 10 years, we will see an increase in the demand for electric cars, higher electric car prices, and an increase in the equilibrium quantity of electric cars.
a. true
b. false
a. true
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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
Explain the role of risk and uncertainty in an analysis of the economic behavior of peasant farmers. What kinds of questions does this analysis enable us to answer?
What will be an ideal response?
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.
A change in the income of buyers will normally change demand
a. True b. False Indicate whether the statement is true or false