If a change in tastes is in favor of a commodity, that will mean a:
a. Movement down the demand curve
b. Movement up the demand curve
c. Shift in the whole demand curve to the left
d. Shift in the whole demand curve to the right
Ans: d. Shift in the whole demand curve to the right
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The resource most directly associated with profits is
a. land. b. labor. c. capital. d. enterprise.
Platform businesses tend to be:
A. artificial monopolies. B. natural monopolies. C. natural oligopolies. D. artificial oligopolies.
Use the following diagram to answer the next question.
Which of the following would cause a move from MS1 to MS2?
A. The banking system decides to hold less excess reserves and make more loans. B. The federal funds rate increases. C. The discount rate is increased by the regional Federal Reserve banks. D. The Federal Open Market Committee decides to sell bonds.
Refer to the scenario above. Which of the following statements will be true?
A) Economy A's steady state equilibrium will lie to the right and below economy B's steady state equilibrium. B) Economy A's steady state equilibrium will lie to the right and above economy B's steady state equilibrium. C) Economy A's steady state equilibrium will lie to the left and below economy B's steady state equilibrium. D) Economy A's steady state equilibrium will lie to the left and above economy B's steady state equilibrium.