What might cause a demand curve to shift to the right?
A. An increase in the product's own price
B. A decrease in the price of a substitute
C. An increase in the price of a complement
D. An increase in the price of a substitute
Answer: D
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Use the following competitive market diagram for product Z to answer the question below.
Assume that the current market demand and supply curves for Z are D1 and S1. If there are substantial external benefits associated with the production of Z, then
A. an output smaller than G would improve resource allocation. B. an output greater than G would result in a more efficient allocation of resources. C. efficient resource allocation occurs at output G and price B because the market mechanism does not measure all benefits. D. the government should levy a per-unit excise tax on Z to shift the demand curve to the left.
Which of the following relationships is correct?
a. GDP = GNP + Net foreign income b. GNP = GDP + Net foreign income c. GDP = Consumption + Net foreign income d. GDP = GNP + Balance of payments e. GDP = GNP adjusted for the foreign exchange rate
If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on:
A. their respective political systems. B. the relative sizes of total output. C. their respective inflation rates. D. their relative geographic size.
Which of the following is most important if you want to achieve high earnings?
What will be an ideal response?