If the demand for steak shifts to the right, a likely reason is that
A. the price of cattle feed has fallen.
B. consumer income has risen.
C. the price of steak has fallen.
D. cattle production has fallen.
Answer: B
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 14,000; 8,000 B. 12,000; 10,000 C. 12,000; 8,000 D. 8,000; 14,000
The income per capita in Baltonia is 64,163 in Baltonian currency. If the price of a basket of goods worth $1 in the U.S. is 5.50 units of Baltonian currency, Baltonia's income per capita in purchasing power parity is:
A) $11,666. B) $10,257.48. C) $2,832. D) $15,624.50. The price of a given basket of goods in Country 1 is 10 karls. The price of the same basket of goods in Country 2 is 25 ritz and $2 in the U.S. Country 1 has a income per capita of 3,200 karls and Country 2 has a income per capita of 5,500 ritz.
The age-earning cycle shows an individual typically earning
A) a constant income (adjusted for inflation) over the entire working life of the worker. B) an income that cycles upward and downward as an individual ages. C) an income that increases with age, peaks, and then falls as retirement approaches. D) an income that declines until age 30-35 and then increases rapidly.
Entrepreneur
What will be an ideal response?