There has been a decrease in the demand for socks. This change can be shown graphically as a:
A. shift in the demand curve to the left.
B. shift in the demand curve to the right.
C. movement along the demand curve to the right.
D. movement along the demand curve to the left.
Answer: A
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Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
Other things the same, if a country raises its saving rate, then in the long run
a. both the level and growth rate of real GDP are unchanged. b. the level of real GDP is higher but the growth rate of real GDP is unchanged. c. both the level and growth rate of real GDP are higher. d. None of the above are correct.
The upward-sloping portion of a long-run average total cost curve is the result of
a. economies of scale. b. diseconomies of scale. c. diminishing returns. d. the existence of fixed resources.
Which of the following is correct?
a. Economic fluctuations are easily predicted by competent economists. b. Recessions have never occurred very close together. c. Spending, income, and production do not fluctuate closely with real GDP. d. None of the above is correct.