A change in quantity demanded of a good always results from a change in
a. income
b. tastes
c. the price of the good
d. both income and tastes
e. the price of other goods
C
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If a person has a comparative advantage in some activity, she must have an absolute advantage in that activity as well
Indicate whether the statement is true or false
If an economy is producing a combination of goods inside its production possibilities curve, it may mean that the nation
a. is overproducing. b. is maximizing its production. c. is under utilizing its resources. d. has no room to grow.
Which of the following is not a primary determinant of consumption spending?
A. Interest rates on savings B. Real income C. Wealth D. Rate of return on capital
A change in the quantity supplied of a good is represented as a:
A. movement along a supply curve. B. shift of a supply curve. C. movement along the supply function. D. shift of the supply function.