Roberta spends all of her income on two items, staplers and paper clips. If the price of a stapler increases, there will be a ________ Roberta's demand curve for staplers and a ________ Roberta's demand curve for paper clips
A) rightward shift of; leftward shift of
B) leftward shift of; movement along
C) movement along; rightward shift of
D) movement along; leftward shift of
C
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Are sellers always able to produce a surplus of the goods they sell?
A) No, because almost all goods are scarce. B) Only if they can increase supply faster than demand increases C) Only if they can prevent new uses for the good from being developed. D) Yes, if they insist upon receiving a sufficiently high price that is above the market clearing level.
The marginal revenue product of labor
a. increases as more labor is hired b. is independent of the quantities of other inputs used by the firm c. is measured while varying the amounts of all inputs used by the firm d. is independent of the price of the firm's output e. depends on the quantities of other inputs used by the firm
Which of the following statements is true when total spending equals total output?
a. Saving plus taxes equals investment plus government purchases. b. Output equals investment plus government purchases plus saving plus taxes. c. Output equals consumption spending plus investment plus government purchases plus saving plus taxes. d. Output equals consumption plus investment plus taxes. e. Saving plus investment equals taxes plus government purchases.
Computer forecasting models have
a. been able to forecast changes in the growth rate of real GDP with considerable accuracy. b. had only limited success predicting turns in key economic variables such as real GDP. c. been able to accurately forecast the future direction of inflation but not real GDP. d. been able to accurately forecast the future direction of real GDP but not inflation.