All of the following will affect the position of the demand curve EXCEPT

A. prices of resources used to produce the product.
B. taste and preference.
C. changes in expectations of future relative prices.
D. income.


Answer: A

Economics

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Based on the circular flow diagram, which of the following is part of a circular flow?




a. rest of the world’s expenditures on exports and government purchases of goods
b. household expenditures on goods and government purchases of goods
c. household expenditures on goods and firms paying wages
d. taxes paid to government and firms borrowing for investment

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One disadvantage of using a tournament is that

A. tournaments are not able to identify the most productive workers. B. workers who view themselves as losing the tournament will quit providing effort. C. the winners of tournaments are typically overpaid. D. tournaments are more expensive than time rates or piece rates. E. no one will apply for tournament-style jobs.

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Along the same indifference curve, MRS is ________ as more of one good is obtained.

A. decreasing B. constant C. increasing D. varying irregularly

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