If the supply schedule for a product has an upward slope and the price of that product declines from $100 to $75, the:
a. Quantity supplied of the product will increase
b. Quantity supplied of the product will decline
c. Supply of the product will shift to the right
d. Supply of the product will shift to the left
Answer: b. Quantity supplied of the product will decline
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Public choice analysis
a. assumes individuals in the public sector seek to serve the public interest rather than their own personal interests. b. is the study of the decision making of individual actors (such as voters, politicians, and bureaucrats) in the public sector. c. suggests that individual voters have a greater incentive to become informed when making choices among political candidates than when making choices about the products they consume. d. finds that the individuals managing government agencies generally have a much stronger incentive to be efficient than do individuals managing private businesses.
Transfer payments are about ____ percent of U.S. domestic output (as of 2012)
A. 35 B. 8 C. 15 D. 22
Which of the following would, other things equal, increase the demand for U.S. farm products?
A. Poorer crops abroad. B. Appreciation of the U.S. dollar. C. Deteriorating trade relations with China and Russia. D. Increases in foreign tariffs on imported farm products.
Consider that Britain is trying to maintain a fixed exchange rate with respect to the U.S. dollar. However, the present situation in the foreign exchange market is conducive for the British pound to depreciate with respect to the U.S. dollar. Which of the following interventions will stem the pressures for depreciation of the pound?
A. The government of Britain should increase the country's money supply. B. The government of Britain should sell pounds and buy dollars. C. The government of Britain should do nothing, as a fixed rate cannot change. D. The government of Britain should buy pounds and sell dollars.