In the above figure, the shift in the supply curve from S to S2 might reflect
A) a decrease in the cost of the tomato sauce used to produce pizza.
B) a decrease in the number of pizza producers.
C) an increase in the price of a pizza.
D) an increase in income if pizza is a normal good.
E) an increase in the price of a good that is a substitute for consumers.
A
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Refer to the Article Summary. Assume that foreign governments begin to publicize their existing medical services to American medical tourists and more Americans consider hip-replacement surgery to improve their quality of life
What will happen in the market for hip-replacement surgery as a result of these two factors? A) Demand will increase, but these two factors will not shift the supply curve. B) Demand will increase and supply will decrease. C) Supply will increase, but these two factors will not shift the demand curve. D) Demand and supply will both increase.
In the 1800s, people in mining towns in the West often paid for goods with gold nuggets or gold dust. What was the function of gold?
(A) It was used as representative money. (B) It was used as fiat money. (C) It was used as part of a barter system. (D) It was used as a currency.
What factors explain why there has been a decline in the political support for agricultural subsidies in recent years?
What will be an ideal response?
Related to the Economics in Practice on p. 455: The Consumer Price Index in the United States was 207.3 in 2007, 215.3 in 2008 and 214.5 in 2009. If a retiree's pension is tied to the CPI, his monthly pension check would have increased from ________, and decreased from ________.
A. 2007 to 2009; 2007 to 2008 B. 2007 to 2008; 2008 to 2009 C. 2007 to 2008; 2007 to 2009 D. 2008 to 2009; 2007 to 2008