Use the above figure. The consumer's choice changes from YB to YA. Which of the following statements about good Y is TRUE?
A. price has increased and the quantity demanded has fallen.
B. price has decreased and the quantity demanded has fallen.
C. price has decreased and the quantity demanded has risen.
D. price has increased and the quantity demanded has risen.
Answer: A
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The slope of a country's production possibility frontier is equal to ________ and the optimal production point is located where the slope is equal to ________
Assume that output of good Y is measured on the vertical axis, output of good X is measured on the horizontal axis, MPL is the marginal product of labor with a subscript indicating which good, P is the price of a good, and w is the wage rate. A) -MPLY/MPLX; -PX/PY B) -PX/PY; -MPLY/MPLX; C) -PX/w; -PY/w D) -MPLY/w; -MPLF/w E) -MPLX/MPLY; -PX/PY
The Full Employment and Balanced Growth Act of 1978 is also called the Humphrey-Hawkins Act and requires the President to appear before Congress twice a year to present his forecast for the economy
Indicate whether the statement is true or false
Which of the following is a key factor in opening up trade between countries?
a. Differences in consumer income b. Differences in opportunity costs c. Differences in growth rates d. Differences in consumption patterns
Which statement is true?
A. Income is more evenly distributed along curve X than curve Y. B. Income is more evenly distributed along curve Y than curve X. C. Income is equally distributed along curves X and Y. D. It is impossible to determine income distribution by observing these curves.