Unseasonably warm weather in Georgia resulted in a bumper crop of peaches. Ceteris paribus,
A. the supply of peaches increased and the price of peaches decreased.
B. the supply of peaches decreased and the price of peaches increased.
C. the demand for peaches increased and the price of peaches increased.
D. the demand for peaches decreased and the price of peaches decreased.
Answer: A
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"An increase in Mexican income decreases aggregate demand in the United States." Is the preceding statement correct or incorrect? Briefly explain your answer
What will be an ideal response?
A fall in the real interest rate brings a
A) rightward shift of the supply of loanable funds curve. B) rightward shift of the demand for loanable funds curve. C) leftward shift of the supply of loanable funds curve. D) movement down along the supply of loanable funds curve. E) movement up along the supply of loanable funds curve.
Which of the following would cause the equilibrium price of apple juice to decrease and the equilibrium quantity of apple juice to increase?
A) a decrease in the price of apples B) an increase in the price of orange juice, a substitute for apple juice C) an increase in the price of apples D) a decrease in the price of granola bars, a complement for apple juice
Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied.
Answer the following statement true (T) or false (F)