Economists account for changes in tastes for a good as:
A. irrelevant for the demand curve.
B. shifts in the demand curve.
C. not demonstrable on the demand curve.
D. movements along the demand curve.
Answer: B
You might also like to view...
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
For most firms in the economy, the largest part of factor costs is the cost of
a. labor. b. capital. c. property and machinery. d. land and natural resources.
Which of the following is the largest component of federal spending today?
A. national defense B. Medicare C. Social Security D. income security
Which of the following is NOT a normative standard for income distribution?
A) the productivity standard B) the egalitarian principle C) rewarding people according to merit D) All of the above are normative standards.