An increase in the quantity demanded of a good is most often due to:
a. current prices.
b. higher prices.
c. higher income.
d. lower prices.
e. technological change.
d
You might also like to view...
The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _____, sometimes also called the opportunity set, a diagram which shows what choices are possible.
A. opportunity set B. consumption choice C. time value of money D. risk premium
Missouri can produce 10,000 tons of pecans per year or 5,000 tons of pears per year. Washington can produce 12,000 tons of pecans per year or 48,000 tons of pears per year. Which of the following statements is TRUE?
A) Washington has an absolute advantage in the production of both pecans and pears. B) Washington has a comparative advantage in the production of both pecans and pears. C) Washington has a comparative advantage in producing pecans and Missouri has a comparative advantage in producing pears. D) Both answers A and C are correct.
At E1, what is the value of the U.S. dollar?
a. less than 1.00 euro
b. 1.00 euro
c. greater than 1.00 euro but less than 1.50 euro
d. 1.50 euro
If a producer offers a price that is in excess of a consumer's valuation of the good, the consumer:
A. must revalue the good. B. will refuse to purchase the good. C. must buy the good at that price. D. None of the statements associated with this question are correct.