An increase in product price will cause:
A. quantity demanded to decrease.
B. quantity supplied to decrease.
C. quantity demanded to increase.
D. the supply curve to shift to the left.
Answer: A
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An “opportunity cost” may be described as
A. the value of what must be given up. B. the opportunity foregone. C. the value of the next best alternative. D. the correct measure of cost. E. All of these responses are correct.
What would an economist assume about Osama Bin Laden and Barack Obama?
A) They pursue plans. B) Their plans are consistent with the public interest. C) They don't understand the economic way of thinking. D) Their demands for all scarce goods are very inelastic.
A decrease in the rental rate of capital can lead to a long run increase or decrease in the number of firms in the industry.
Answer the following statement true (T) or false (F)
Explain how GDP is measured according to the expenditure and income approaches
What will be an ideal response?