change in supply
What will be an ideal response?
a shift of the curve caused by anything other than the change in price of the good in question.
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The two conditions for a valid instrument are
A) corr(Zi, Xi) = 0 and corr(Zi, ui) ≠ 0. B) corr(Zi, Xi) = 0 and corr(Zi, ui) = 0. C) corr(Zi, Xi) ≠ 0 and corr(Zi, ui) = 0. D) corr(Zi, Xi) ≠ 0 and corr(Zi, ui) ≠ 0.
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations b. The long-run average cost curve is U-shaped c. The long-run average cost curve is flatter than the short-run average cost curve. d. The curve consists of the lower boundary of all the short-run cost curves e. All of the above
List and briefly describe the three key reasons for income inequality in a market-based economy.
What will be an ideal response?
The main policy advice given by the IMF to East Asian countries facing the financial crises of 1997/1998 was
A) raising their domestic interest rates to stabilize the collapsing currencies. B) using their monetary and fiscal policies alone. C) use capital controls. D) adopting a flexible exchange rate system.