CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants, and, as a result, it is expected that the price of chocolate will rise in the near future. As a result:
a. the current market demand for chocolate will decrease
b. the current market demand for chocolate will increase.
c. the current quantity demanded for chocolate will decrease.
d. there is no change in the current market for chocolate, but there will be after the current crop of cocoa bean plants is processed into chocolate.
b
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Economic discrimination occurs when two equal factors of production are paid differently.
Answer the following statement true (T) or false (F)
"Ceteris paribus" means
A. "making all the necessary changes." B. "other things equal." C. "at the aggregate level." D. "invisible hand."
Demand deposits are termed so because:
A) depositors can withdraw money from such deposits at any point of time. B) there are no limitations on the amount of money that can be deposited into such accounts. C) depositors can demand any rate of interest on such deposits. D) most consumers want to open such accounts as they are greatly in demand.
A(n) ________ shows the bundles of two goods that provide an equal level of satisfaction to the consumer
A) budget set B) indifference curve C) demand curve D) budget line