On a graph, an increase in quantity demanded is represented by a:
a. Movement downward and to the right along the demand curve
b. Leftward shift of the demand curve
c. Rightward shift of the demand curve
d. Movement upward and to the left along the demand curve
Answer: a. Movement downward and to the right along the demand curve
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Trade diversion results in
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
Microeconomics is the study of
a. marginal or inferior products b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services e. government's role as a producer in the economy
Regardless of whether a tax is levied on sellers or buyers, taxes discourage market activity
a. True b. False Indicate whether the statement is true or false