Refer to the information provided in Figure 3.2 below to answer the question(s) that follow.
Figure 3.2Refer to Figure 3.2. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from D1 to D0?
A. an increase in the price of flour used to make macaroni and cheese
B. an increase in income, assuming macaroni and cheese is a normal good
C. an increase in the price of macaroni and cheese
D. an increase in the quantity demanded for macaroni and cheese
Answer: B
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A. a single group of closely related products. B. a specific building where trade takes place. C. all goods traded in a specific geographic region. D. all buyers living in a specific geographic location.
Ceteris paribus means:
A.) Leave the market alone. B.) Noninterference by the government. C.) Other things remaining equal. D.) Things are always changing.
Which of the following explains what would likely happen if public goods were marketed like private goods?
A. Many consumers would want to buy the goods. B. Government failure would result. C. Public goods would be overproduced. D. Public goods would be underproduced.
An increase in U.S. exports to Japan ________ the demand for U.S. dollars and ________ the supply of yen.
A. increases; increases B. decreases; decreases C. increases; decreases D. decreases; increases