The statement that demand increased means that there is a
a. movement to the right along a demand curve.
b. leftward shift of the demand curve.
c. rightward shift of the demand curve.
d. movement to the left along a demand curve.
Answer: c. rightward shift of the demand curve.
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A consumer's total transportation cost includes all of the following except which one?
A) the value of the consumer's time spent in the store B) the cost of a bus ticket to get to the store C) the value of the consumer's time getting to and from the store D) the value of the time the consumer's spends reading advertisements from the store
As a generalization, it can be said that
a. aggregate demand shifts to the right every year, but aggregate supply rarely does. b. aggregate supply shifts to the right every year, but aggregate demand rarely does. c. both aggregate demand and aggregate supply shift to the right each year. d. neither aggregate demand nor aggregate supply curve shifts to the right each year.
A Consumer Price Index (CPI) adjustment overcompensates for inflation because it ignores
A) the income effect when relative prices change. B) the substitution effect when relative prices change. C) that some goods are inferior. D) that the substitution effect may offset the income effect.
Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The theory of comparative advantage suggests that
A. the United States should export both trucks and cars. B. England should import trucks and export cars. C. England should export both trucks and cars. D. the United States should export cars and import trucks.