According to the law of demand, an increase in the price of a good causes
A) a rightward shift of the demand curve for that good.
B) a leftward shift of the demand curve for that good.
C) an upward movement along the demand curve for that good.
D) a downward movement along the demand curve for that good.
C
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If marginal cost exceeds average total cost in the short run, then which is likely to be true?
A. Marginal cost is less than average variable cost. B. Average total cost is less than average variable cost. C. Average total cost is increasing. D. Average variable cost is decreasing.
In the above figure, while moving along the line showing the relationship between household income and expenditure
A) household expenditures are held constant. B) household income is held constant. C) the interest rate is held constant. D) no variable is held constant.
Refer to Figure 2-13. Which country has a comparative advantage in the production of pineapples?
A) Costa Rica B) They have equal productive abilities. C) Guatemala D) neither country
A depreciation of the Mexican peso relative to the U.S. dollar would ________ Mexican firms that are exporting goods to the United States and would ________ Mexican firms that have borrowed in U.S. dollars
A) help; help B) help; hurt C) hurt; help D) hurt; hurt