A "decrease in the quantity demanded" means that
A) the demand curve has shifted to the right.
B) the supply curve has shifted to the left.
C) price has declined and consumers therefore want to purchase more of the good.
D) price has increased and consumers therefore want to purchase less of the good.
D
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In terms of GDP, counting ______ leads to double counting.
a. exported goods b. goods sold in bulk c. agricultural goods d. intermediate goods
In economics, physical capital includes
A) money. B) bank deposits. C) machinery. D) shares of company stock.
A tax on a good has a deadweight loss if
a. the reduction in consumer and producer surplus is greater than the tax revenue. b. the tax revenue is greater than the reduction in consumer and producer surplus. c. the reduction in consumer surplus is greater than the reduction in producer surplus. d. the reduction in producer surplus is greater than the reduction in consumer surplus.
Economic rent directs resources to
A. labor-intensive industries only. B. people only. C. the people who can use them most efficiently. D. large corporations.