If a new major oil field is discovered in Africa, the world __________ curve for oil would shift to the __________.
A. demand; right
B. supply; left
C. supply; right
D. demand; left
Answer: C
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Indifference curves for perfect substitutes must be parallel lines with a slope of negative one
Indicate whether the statement is true or false
Economic analysis is used
A) only in economics classrooms. B) only by business people. C) only by policy makers. D) in all decision making.
According to the graph shown, if this economy were an autarky, producers would enjoy area:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. BCEFG
B. BCDEFG
C. G
D. EFG
An important assumption that is made when constructing a demand schedule is that
a. only price and quantity matter in determining demand. b. people always want a certain amount of a product. c. demand is too important to be left to the economists. d. all other determinants of demand are held constant. e. demand has a positive slope.