Economists make a distinction between changes in quantity demanded and changes in demand:
A.) Because the supply curve shifts whenever there is a change in demand.
B.) Because the demand curve shifts whenever there is a change in quantity demanded.
C.) To distinguish a movement along a demand curve from a shift of the demand curve.
D.) To distinguish a surplus from a shortage.
C.) To distinguish a movement along a demand curve from a shift of the demand curve.
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Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50. B) -0.50. C) 5.00. D) -5.00.
Equilibrium is reached where there is no inherent force causing quantity supplied or quantity demanded to change
a. True b. False Indicate whether the statement is true or false
If a country's economic growth rate is 4 percent a year, approximately how many years will it take to double its Real GDP?
A) 22.2 B) 25.0 C) 15.6 D) 17.5 E) 8.8
There are a number of reasons why labor supply curves will shift in a particular industry. Which one of the following is NOT one of them?
A. There is a change in the market wage rate. B. Taxes on labor affect the labor supply curve. C. job flexibility that determines the position of the labor supply curve D. Changes in working conditions in an industry affect the labor supply curve.