An increase in demand for chocolate chips would usually result in a(n)
a. higher equilibrium price and a lower equilibrium quantity
b. lower equilibrium price and a lower equilibrium quantity
c. lower equilibrium price and a higher equilibrium quantity
d. higher equilibrium price and a higher equilibrium quantity
e. increase in the supply of chocolate chips
D
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If slope = 2 for a line on a graph with x on the horizontal axis and y on the vertical axis, then if
a. x decreases by 4, y decreases by 8 b. x = -4, then y = -2 c. y decreases by 4, x decreases by 8 d. x = -4, y = -8 e. x increases by 4, y decreases by 8
One of the most important factors in determining the natural rate of unemployment is demographic change, such as a change in the age of the labor force
a. True b. False Indicate whether the statement is true or false
The government should increase the minimum age for collecting Social Security benefits. This statement is best described as
A. a positive statement. B. an example of the fallacy of logic. C. an example of marginalism. D. a normative statement.
Explain what economists mean by full employment and why this rate of unemployment is not zero
What will be an ideal response?