During a recession, the price of restaurant meals falls by over 10 percent. The most likely cause is:
A. a shift of the demand curve to the right.
B. a shift of the supply curve to the left.
C. a shift of the supply curve to the right.
D. a shift of the demand curve to the left.
Answer: D
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The strength of the competition faced by a company can profoundly affect its
A. pricing. B. output decisions. C. input decisions. D. All of the responses are correct.
Suppose a country, whose production and consumption of cell phones is large relative to the world market, has just entered the global market. If the country is a net-importer of cell phones, we would expect:
A. an increase in both world price and quantity of cell phones. B. an increase in world price and decrease in world quantity of cell phones. C. a decrease in both world price and quantity of cell phones. D. a decrease in world price, and increase in world quantity of cell phones.
Which of the following was a country that ran large deficits in the mid-1990s and plunged into deep recession in 1997 and 1998 when foreign investors became concerned about the health of these economies and quickly pulled their money out of stock and bond markets, real estate, and banks?
a. North Korea b. Argentina c. Malaysia d. India
Every state but ____________ is legally obligated to balance its budget.
Fill in the blank(s) with the appropriate word(s).