Which of the following is assumed to be constant along a demand curve for pet dogs?
a. the quantity of dogs demanded each time period
b. the price of dogs
c. the price of cats
d. the number of dogs people want to buy
c. the price of cats
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Explain how the following will affect the supply curve of coffee
a) A fall in the wages paid to coffee workers b) An increase in the availability of high-yielding coffee plants c) A decrease in the quantity of land under coffee cultivation What will be an ideal response?
Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1650; the Pilgrims arrived in the Americas B) 1750; Columbus arrived in the Americas C) 1650; of the Industrial Revolution D) 1750; of the Industrial Revolution E) 1776; United States was founded
In order to societies to reap the gains from trade, it is necessary to
A) define and enforce property rights. B) foster economic growth. C) distribute resources equally. D) achieve productive efficiency.
My income rose and the price of good Y rose also. That means that my demand curve for good X shifted right.
A. This statement will always be true if good Y is a substitute for good X. B. This statement will always be true if good Y is a substitute for X and X is a normal good. C. This statement will always be true if good X is a normal good. D. This statement is always true.