Figure 9-3
Suppose that U.S. tastes for British goods increase. Then, in
a.
the supply curve shifts from S1 to S2
b.
the supply curve shifts from S2 to S1
c.
the demand curve shifts from D2 to D1
d.
the demand curve shifts from D1 to D2
e.
both demand and supply shift to the right
d
You might also like to view...
Because monopolists charge a price in excess of marginal cost, it must be the case that monopolists:
A. produce more than the socially optimal level of output. B. earn a positive economic profit. C. produce less than the socially optimal level of output. D. earn a negative economic profit.
The main revenue sources for state and local governments are corporate income taxes
a. True b. False Indicate whether the statement is true or false
An economy produces 1,000,000 computers valued at $2,000 each. Households purchase 200,000 computers, of which 100,000 are imported. Businesses purchase 300,000 domestically produced computers, the government purchases 300,000 domestically produced computers, and 100,000 domestically produced computers are sold abroad. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of the investment component of GDP?
A. $1.0 billion B. $0.9 billion C. $0.8 billion D. $0.6 billion
Using productive resources to make capital goods requires that we
A) get everyone to agree on the best use of those resources. B) get government approval of our plan to make capital goods. C) forgo some level of current consumption. D) prove that the existence of the capital goods will not cause any environmental damage.