In general, any ceteris paribus determinant of supply that is favorable to production will
A) cause a movement along the supply curve.
B) shift the supply curve to the right.
C) shift the demand curve to the left.
D) shift the supply curve to the left.
Answer: B
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If the cross elasticity of demand between coffee and tea is positive, an increase in the price of tea will shift the demand curve for
A) tea rightward. B) tea leftward. C) coffee rightward. D) coffee leftward.
Economists define the long run as any production time period lasting over one year
a. True b. False Indicate whether the statement is true or false
An increase in the quantity demanded of a good is most often due to
a. current prices b. higher prices c. higher income d. lower prices e. technological change
The spending multiplier:
A. grows larger as the marginal propensity to consume decreases. B. grows smaller as the marginal propensity to consume increases. C. grows larger as the marginal propensity to consume increases. D. None of these is true.