The decrease in the number of sellers of a good would
A. move its supply curve to the right.
B. cause a movement along the supply curve to a (lower price, lower quantity) point.
C. move its supply curve to the left.
D. cause a movement along the supply curve to a (higher price, higher quantity) point.
Answer: C
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If a 1% change in the price of a good causes a 1% change in the quantity demanded, the good has an elasticity of demand:
A) equal to 0. B) less than 1. C) equal to 1. D) greater than 1.
Which of the following would be considered a contingent contract?
A) a piece rate contract B) a profit-sharing contract C) a contact with a bonus D) All of the above.
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's real GDP falls relative to the Euro-Area and nothing else changes, then the:
a. The supply of euros in the foreign exchange market rises, and the euro depreciates. b. The demand for euros in the foreign exchange market rises, and the euro appreciates. c. The demand for euros in the foreign exchange market falls, and the euro depreciates. d. The supply of euros in the foreign exchange market falls, and the demand for euros in the foreign exchange market falls, causing the euro to rise in value. e. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing the euro to fall in value.
Suppose there are two countries that are identical with the following exception. The saving rate in country A is greater than the saving rate in country B. Given this information, we know that in the long run
A) output per capita will be greater in B than in A. B) output per capita will be greater in A than in B. C) economic growth will be higher in A than in B. D) more information is needed to answer this question.