Draw supply and demand curves. Show the impact of an increase in demand on the price and quantity exchanged in the market. Show the impact of a decrease in demand on the price and quantity exchanged in the market.
What will be an ideal response?
When there is an increase in demand, the demand curve shifts to the right. The increase in demand increases both the price of the good and the quantity of the good exchanged in the market.
When there is a decrease in demand, the demand curve shifts to the left. The decrease in demand decreases both the price of the good and the quantity of the good exchanged in the market.
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Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
To what extent are homemaking and child-rearing accounted for in the government's GDP accounts?
A) Not at all B) Only to the extent that they are provided for pay C) Only to the extent that taxes are paid on them D) All homemaking and child-rearing are accounted for
Iron mining, coal mining, and coke production constitute the _____ steps in steel making
a. intermediate b. upstream c. final d. introductory
If indirect business taxes and depreciation were added to the national income, we obtain: a. Net National product
b. Gross National Product. c. Gross Domestic Product. d. Personal Income.