Which of the following might cause the supply curve for an inferior good to shift to the right?
a. an increase in input prices
b. a decrease in consumer income
c. an improvement in production technology that makes production of the good more profitable
d. a decrease in the number of sellers in the market
c
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In recording an accounting transaction in a double-entry system
A. the number of debit accounts must equal the number of credit accounts. B. there must only be two accounts affected by any transaction. C. there must always be entries made on both sides of the accounting equation. D. the amount of the debits must equal the amount of the credits.
In terms of exports from the colonies, ______ and ______ were the top two trading partners
a. the United Kingdom; Africa b. Southern Europe; the West Indies c. the West Indies; the United Kingdom d. the United kingdom; Southern Europe.
Which of the following variables are needed to determine the break-even quantity?
a. Marginal costs b. Fixed Costs c. Selling Price d. All of the above
The main problem with using the infant industries argument to justify protecting an industry from foreign competition is that
a. all industries will claim that they are infant industries in order to gain protection b. the protected industry will become too efficient and drive out foreign competition c. once in place, it is difficult to remove protection even as the industry matures d. it causes the goods that are produced in the protected industry to have lower prices e. this policy compromises national security if the infant industry produces military goods