A change in demand means there has been a shift in the demand curve, and a change in quantity demanded
A. Results from a change in price of other goods.
B. Means that price has changed and there is movement along the demand curve.
C. Means a shortage or surplus will result from holding prices constant.
D. Also means demand has shifted.
Answer: B
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The GDP Price Index and the Consumer Price Index measure prices of the same set of goods
a. True b. False
Figure 3-3
In , if the initial demand for margarine were D1, the impact of an increase in the price of margarine from $0.35 to $0.40 per pound on consumer purchases would be illustrated as
a.
a shift in the demand curve to D2.
b.
a shift in the demand curve to D3.
c.
a movement upward to the left along the original demand curve D1.
d.
none of the above.
The above figure shows the apartment rental market in Bigtown. At what rent will there be neither a shortage nor a surplus of apartments?
A) $1250 per month B) $1000 per month C) $750 per month D) $500 per month
What is meant by a final good or service as opposed to an intermediate good or service? Why are only final goods and services included in the calculation of GDP?