A shift in demand occurs when
A. the price of that good changes.
B. the price changes and the good is a normal good.
C. the amount demanded of a good changes at each existing price.
D. there is a change in quantity demanded.
Answer: C
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Competition among decentralized governmental units will
A) make it more difficult for citizens to satisfy their preferences with regard to the goods and services supplied by governments. B) result in wasteful duplication and inefficiency in production of governmental services. C) strengthen the incentive of governments to operate efficiently and cater to the views of citizens. D) evolve naturally because local governments will want to compete with each other.
Planned investment is the:
A. amount that firms decide to allocate to inventory accumulation. B. spending households engage in based on forecasted budget. C. investment that a firm decides upon as a result of temporary market changes. D. amount that firms decide to allocate to new capital resources and inventory accumulation.
The U.S. legal system mainly engages in activities that
A. involve defining and protecting property rights. B. focus on producing public goods. C. are dedicated to producing private goods. D. focus on income redistribution.
In the past, there was a strong correlation between ice cream consumption by children and polio cases for children. There was not a causal relationship due to:
A. a common underlying omitted variable. B. reverse causality. C. an infection present in cherries. D. accounting fraud practiced by Baskin Robbins.