Which of the following events would cause a movement upward and to the left along the demand curve for olives?
a. The number of people who purchase olives decreases.
b. Consumer income decreases, and olives are a normal good.
c. The price of pickles decreases, and pickles are a substitute for olives.
d. The price of olives rises.
d
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What, according to neoclassical growth theory, is the fundamental cause of economic growth?
What will be an ideal response?
The rate of interest is the price at which money is borrowed and loaned.
Answer the following statement true (T) or false (F)
We don't typically see wages ________ in response to an economic downturn because ________.
A. fall; they are "sticky" and are slow to respond to shifts in the economy B. fall; they cannot fall below where they were previously set due to inflation C. rise; they cannot rise above the equilibrium in any circumstance D. rise; they are "sticky," and are slow to respond to shifts in the economy
When deciding whether to buy a second car, marginal analysis indicates that the purchaser should compare the:
A. benefits expected from two cars with the cost of both. B. additional benefits expected from a second car with the cost of the two cars. C. dollar cost of the two cars with the potential income that the cars will generate. D. additional benefits of the second car with the additional cost of the second car.