Consider the demand curve for bananas. If the price of bananas falls, which of the following occurs?
a. The demand curve shifts to the right.
b. The quantity demanded declines.
c. The demand curve shifts to the left.
d. The quantity demanded increases.
d. The quantity demanded increases.
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If an epidemic hits a Malthusian economy, the immediate consequence is
A) an increase in the standard of living. B) a reduction in the standard of living. C) no change in the standard of living. D) dependent on the population growth rate.
The best example of a capital good would be ___.
A. the generator in a power plant that makes electricity B. a new lawn mower owned by Mr. Goffe C. aluminum that is transformed into an airplane D. funds that a company borrows from a bank
A broad government initiative to reduce a country's reliance on agriculture and promote high-technology industries is an example of ________ policy.
A. monetary B. structural C. fiscal D. aggregation
If the elasticity for yachts is three, a tax on yachts will ___________ total revenue.
Fill in the blank(s) with the appropriate word(s).