Other things being equal, the effects of a decrease in the price of orange juice, is represented by which of the following?
A. A rightward shift in the demand curve for orange juice.
B. An increase in the quantity demanded for orange juice.
C. A leftward shift in the demand curve for orange juice.
D. A decrease in the quantity demanded orange juice.
Answer: B
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The original comparative advantage model that used the relative abundance of factors of production to explain comparative advantage assumed that countries:
a. employed all four factors of production; land, labor, capital, and entrepreneurship. b. employed only two factors of production; labor and capital. c. employed only two factors of production; land and entrepreneurial ability. d. worked with a fixed capital stock. e. were free to vary their employment of only one factor of production; labor.
The optimal mix of output is the most desirable combination of output attainable with existing
A. Technology and business decisions. B. Resources, technology, and social values. C. Resources, government regulations, and technology. D. Resources and products.
Most checkable deposits are insured up to $250,000 by
A. state banking commissions. B. the Federal Reserve Board. C. the U.S. Department of the Treasury. D. the Federal Deposit Insurance Corporation.
Which statement is true?
A. Shutting down is a long run option. B. Going out of business is a short run option. C. Continuing to operate is a short run option.