A lower quantity demanded of a good reflects, ceteris paribus,
A. A downward shift of the supply curve.
B. A higher price of the good.
C. Fewer units actually purchased.
D. Lower income.
Answer: B
You might also like to view...
What ratio defines the standard of living?
A) (Y/N) B) (Y/K) C) (Y/A) D) (Y/Q)
To be effective, an import quota must
a. reduce the price and increase the quantity of imports b. set the price of the imported good higher than the domestic equilibrium price c. restrict imports to less than would be imported under free trade d. restrict imports to less than exports in trade with that particular country e. be directed at the product of a specific country
In the United States, the most recent use of wage and price controls occurred during the:
a. Nixon administration. b. Carter administration. c. Reagan administration. d. Clinton administration.
If $1 is worth 10 yen, then 1 yen is worth:
A. $1.00. B. $0.01. C. $1.10. D. $0.10.