Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Designer clothes: consumer confidence in the economy improves.
A. A.
B. B.
C. C.
D. D.
Answer: D
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The process of achieving a quality of life in a country that is comparable to that found in a modern economy is called ________
A) economic development B) economic modernization C) comparative advantage D) industrial growth
The downward sloping marginal revenue product of labor is
A) the firm's supply of labor. B) the firm's short-run demand for labor. C) the firm's marginal cost of labor. D) another term for the marginal revenue product of labor.
Investment represents
A. An injection into the circular flow, similar to government spending. B. A leakage from the circular flow, similar to taxes. C. An injection into the circular flow, similar to imports. D. A leakage from the circular flow, similar to saving.
The indifference curves for left shoes and right shoes would most likely be
A) upward sloping and concave to the origin. B) downward sloping and convex to the origin. C) downward sloping and straight lines. D) L-shaped.