Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer vegetables instead of candy bars.
A. A.
B. B.
C. C.
D. D.
Answer: C
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Government in the United States spends more as a percentage of GDP than in most other industrialized nations.
Answer the following statement true (T) or false (F)
Who would be more likely to study the effects of foreign competition on the accounting industry, a macroeconomist or a microeconomist?
An example of an inclusive union is
A. the American Federation of Teachers. B. the International Brotherhood of Teamsters. C. the American Medical Association. D. the Professional Air Traffic Controllers Organization.
In the short run, firms increase output
A) only by increasing the size of their plant. B) only by decreasing the size of their plant. C) only by increasing the amount of labor used. D) only by decreasing the amount of labor used. E) either increasing the amount of labor used or increasing the size of their plant.