A recent research signified the large health benefits of eating cooked tomatoes. Holding other things constant, this will cause
a. The demand curve for tomatoes to shift to the right
b. The demand curve for tomatoes to shift to the left
c. The supply curve for tomatoes to shift to the right
d. The supply curve for tomatoes to shift to the left
a
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The equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur?
A) There will be a decrease in the quantity of labor supplied by households. B) There will be an increase in unemployment. C) There will be an increase in the quantity of labor demanded by firms. D) All of the above will occur.
The LM curve illustrates that when income increases, the
A) price level must increase to clear the asset market. B) real interest rate on nonmonetary assets must increase to clear the asset market. C) price level must increase to clear the goods market. D) real interest rate on nonmonetary assets must increase to clear the goods market.
Foreign investment in the U.S. causes the
a. balance on current account to become positive b. sum of the capital and current accounts to be positive c. balance of trade to become negative d. quantity of imported services to increase e. value of the dollar to increase
If consumers can easily switch to a close substitute when the price of a good increases, demand for that good is likely to be:
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.