Which of the following will impact both supply and demand?
A. a change in quantity
B. a change in income
C. a change in price
D. a change in expected future price
Answer: D
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Positive economic principles are those that:
A. are influenced by political ideology. B. are always correct. C. predict how people will behave. D. indicate how people should behave.
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
The income paid for the use of land is called
A) rent. B) wages. C) interest. D) land capital. E) profit.
The hot-hand fallacy:
A. is the belief that once an event has occurred several times in a row, it is less likely to repeat. B. is the belief that once an event has occurred, it is less likely to repeat. C. is the belief that once an event has occurred several times in a row, it is more likely to repeat. D. is the belief that if an event has never occurred, it is more likely to occur.