If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity.
B) a higher price and quantity.
C) the same price and quantity.
D) a higher price and a lower quantity.
B
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Refer to Scenario 7.3. Which of the following combinations of inputs is on the isoquant to produce 400 units of output?
A) L = 0, K = 400 B) L = 400, K = 0 C) L = 100, K = 100 D) all of the above E) A and B, but not C
Standardized tests are used in efforts to make schools more accountable.
A. True B. False C. Uncertain
In the long run, a decrease in money supply, with the velocity of money stable or not decreasing, results in inflation
Indicate whether the statement is true or false
The focus of the Ricardian model is on how differences in _________ influence international trade patterns.
a. demand b. comparative costs c. absolute costs d. transportation costs