The fourth step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity.
b. decide whether the economic change being analyzed affects demand or supply.
c. draw a demand and supply model before the economic change took place.
d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity.
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A multinational agency that specializes solely in making loans to promote long-term development and growth in developing countries is the
A) Federal Reserve System. B) World Bank. C) International Monetary Fund. D) International World Fund.
First-past-the-post voting structures tend to lead to a:
A. two-party system. B. three-party system. C. one-candidate system. D. multi-party system.
The existence of the Federal Savings and Loan Insurance Corporation (FSLIC) reduced the number of S&L failures in the 1980s and 1990s
Indicate whether the statement is true or false
According to the possible trade-off example between warships and drinking water in the text, the policy question that should be considered in Malaysia is:
A. Do the opportunity costs of the warships exceed their nominal costs? B. Do the nominal costs of the warships exceed their real costs? C. Do the benefits of the warships exceed their opportunity costs? D. Do the real costs of the warships exceed their nominal costs?