An increase in the price of a good or service leads to a(n) ________ that leads to a(n) ________.
A. increase in demand; shift of the demand curve
B. increase in quantity demanded; shift of the demand curve
C. decrease in quantity demanded; movement along the demand curve
D. decrease in demand; movement along the demand curve
Answer: C
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Darryl runs a ranch in Jackson, Wyoming. The interest on the debt he incurred to buy his ranch totals $3,000 per year. For Darryl, the interest is
A) an implicit cost. B) an explicit cost. C) his normal cost. D) his normal profit. E) part of his economic profit.
Last year in a nation to the south, net domestic product at factor cost equaled $3,300 billion
Indirect taxes minus subsidies equaled $200 billion, depreciation equaled $800 billion, the statistical discrepancy equaled zero, and net operating surplus equaled $150 billion. The country's GDP was A) $2,300 billion. B) $3,500 billion. C) $4,300 billion. D) $4,450 billion. E) $4,150 billion.
Imposing a tax on sales of a product
A) shifts the market demand curve for the product. B) shifts the market supply curve for the product. C) shifts both the market supply and demand curve for the product. D) has no effect on either the market demand or the market supply curve for the product.
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Along budget constraint AC, the opportunity cost of one hamburger
A. is 1/4 of a hot dog. B. is 1/2 of a hot dog. C. is 2 hot dogs. D. changes as you move down along the budget constraint.