Which of the following sequences caused E1 to shift to E2?
a. S1 shifted to S2, but D1 shifted further to D2, thereby causing P2 to move to P1 and Q2 to move to Q1.
b. D1 shifted to D2, but S1 shifted further to S2, thereby causing P2 to move to P1 and Q2 to move to Q1.
c. D1 shifted to D2, but S1 shifted further to S2, thereby causing P1 to move to P2 and Q1 to move to Q2.
d. S1 shifted to S2, but D1 shifted further to D2, thereby causing P1 to move to P2 and Q1 to move to Q2.
c. D1 shifted to D2, but S1 shifted further to S2, thereby causing P1 to move to P2 and Q1 to move to Q2.
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What is the total demand for goods and services in an entire economy called?
A) supply and demand B) GDP demand C) aggregate demand D) consumer demand
A few years ago, as oil and gas prices continued to increase, a growing number of Americans called for the United States to become less reliant on Middle-Eastern oil
Would it make sense for the United States to try to become totally self-reliant in the production of oil? Why or why not?
Subjective evaluations
A) lend themselves to easy measurement. B) are objective in nature. C) are directly measured by productivity. D) are based on opinion.
When demand is perfectly inelastic, the demand curve will be
a. negatively sloped, because buyers decrease their purchases when the price rises. b. vertical, because buyers purchase the same amount as before whenever the price rises or falls. c. positively sloped, because buyers increase their purchases when price rises. d. positively sloped, because buyers increase their total expenditures when price rises.