When there is a change in demand,
a. there is a rightward movement along the demand curve
b. there is a leftward movement along the demand curve
c. there is a shift of the supply curve
d. changes in price lead to different changes in quantity demanded
e. there is a shift of the demand curve
E
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Money must be ________ which includes the fact that is should ________
A) generally accepted as a means of payment; be recognizable and divisible into small parts B) backed by gold; not decrease in value over time C) whatever is used in a barter system; transferable across countries' borders D) accepted as a means of payment across countries' borders; not be fiat money E) in physical form; not be transferable using electronic means
Suppose labor and capital are the only two resources used for production. In the short run:
a. only capital can move freely between sectors. b. only labor can move freely between sectors. c. both capital and labor can move freely between sectors. d. both resources are restricted in their movement
An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that:
A. there are many goods that are substitutes for bicycles. B. there are many goods that are complementary to bicycles. C. there are few goods that are substitutes for bicycles. D. bicycles are normal goods.
Marginal product is defined as the change in ________ resulting from a one-unit increase in ________.
A. total product; input B. total product; output C. output; total product D. total cost; output