Refer to the graph shown.
A consumer would be expected to change consumption from point A to point B in response to a(n):
A. increase in income.
B. decrease in income.
C. decrease in the price of Ferris wheel rides.
D. decrease in the price of carnival games.
Answer: A
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Suppose the economy is at point B. If firms expect profits will be higher in the future, to what point might the economy's move in the short run?
A) It stays at point B. B) It shifts to a point such as A. C) It shifts to a point such as C. D) None of the above answers are correct because it is the SAS curve that shifts, not the AD curve.
An economic service need not be
a. useful. b. scarce. c. transferable. d. tangible.
Assuming that shoe repair services are an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. leftward shift in the demand curve. b. downward movement along the demand curve. c. rightward shift in the demand curve. d. upward movement along the demand curve.
The 1997-1998 Asian crisis began in
a. China. b. Japan. c. Taiwan. d. South Korea. e. Thailand.