What happens as the result of a surplus?
A. Consumers begin to view the good as an inferior good because it is too commonplace.
B. There is downward pressure on prices.
C. There is upward pressure on prices.
D. Demand for the good increases.
Answer: B
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According to Samuel Huntington, South Korea's economy experienced rapid economic growth because South Koreans valued thrift, investment, education, and discipline
On the other hand, Ghana's economy did not grow as fast because the country had different social values. This argument claims that: A) geographical location is a fundamental cause of prosperity. B) culture is a fundamental cause of prosperity. C) institutions are a proximate cause of prosperity. D) institutions are a fundamental cause of prosperity.
Economic freedom
A) is harmed by having too many property rights. B) is created when the nation imposes many regulations on businesses. C) is founded, in part, on the rule of law. D) is not important for nations to grow. E) must come from a democratic government.
It is widely known among baseball enthusiasts that Babe Ruth actually performed quite well as a pitcher before leaving the Boston Red Sox for the New York Yankees. He was also of course a famously successful hitter
Why do you believe the Yankees chose not to use him as a pitcher? Explain using economic reasoning. Hint: pitchers typically only play every third or fourth game whereas other players in other positions play in nearly every game. Baseball has a season of 162 games.
How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.80 dollars per British pound?
A) 10 British pounds B) 25 British pounds C) 20 British pounds D) 30 British pounds E) 40 British pounds