An increase in the price of butter in a country between the years 2010 and 2015 indicates:
a. a decrease in demand
b. the presence of a surplus.
c. a decrease in household earnings.
d. the presence of inflation.
d
You might also like to view...
Relative to Al, Joe has ________ if Joe can produce a good at a lower opportunity cost than Al
A) a marginal benefit B) a comparative advantage C) more production efficiency D) a free lunch E) a comparative benefit
If you sell your DVD player on eBay, you will be better informed about the quality of the product than any potential buyer. This is called
A) adverse selection. B) asymmetric information. C) moral hazard. D) opportunistic behavior.
If the price of hot dogs increases, what will happen in the market for potato chips, a complementary good?
a. demand will increase b. quantity demanded will increase c. demand will decrease d. quantity demanded will decrease e. supply will decrease
What is meant by a final good or service as opposed to an intermediate good or service? Why are only final goods and services included in the calculation of GDP?