Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
A. upward movement along the supply curve for oranges.
B. downward movement along the supply curve for oranges.
C. rightward shift of the supply curve for oranges.
D. leftward shift of the supply curve for oranges.
Answer: C
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The U.S. government spent $5 million during a particular year in providing food and shelter to earthquake victims in Japan. This is an example of a(n) ________
A) export to Japan B) transfer payment to Japan C) factor payment to Japan D) import from Japan
The 1930s were a period of
a. strong economic expansion and rapid growth of real output. b. high rates of inflation coupled with a low rate of unemployment. c. depressed economic conditions and prolonged high rates of unemployment. d. strong growth of real output even though the general level of prices was declining.
The demand for borrowed funds is
A. directly related to the interest rate. B. inversely related to the growth in gross domestic product. C. a derived demand. D. leads to derived demand for capital goods.
YearFootballs(in millions)PÂ FootballsBooks(in millions)PÂ BooksNominal GDPReal GDP2000 Base Yr55464949200165465454200276577765200347788462Assume the table has recorded the total output and prices of the only two goods produced. Looking at the changes in real GDP and nominal GDP from 2001 to 2002, we can conclude:
A. output increased, but prices decreased. B. only output increased. C. only prices increased. D. output and prices increased.