A change in the quantity demanded of a product is the result of a change in:
A. the price of the product.
B. the price of related goods.
C. consumer income.
D. the cost of producing the product.
Answer: A
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The spreading of fixed costs over more output explains why the long-run average cost falls as output rises
a. True b. False
Assume that U.S. producers can manufacture cookies at a lower opportunity cost than Mexican producers. If this is the case
A. Mexico would have the comparative advantage in all products compared to the United States. B. Mexico could still have the comparative advantage in cookie production. C. it would still be possible for Mexico to have a comparative advantage in trade for some other products. D. it will not be possible for Mexico to have an comparative advantage in the production of any other products.
In a market for money, it is typically the case that we use the ________ in a supply and demand model.
A. interest rate B. inflation rate C. wage rate D. monetary index
If incomes rise rapidly in the United States and U.S. preferences for foreign goods strengthen, we would expect:
A. the dollar to appreciate in value. B. the dollar to depreciate in value. C. the dollar price of foreign monies to decrease. D. U.S. exports to increase.