An increase in the demand for a product means that the:
A. demand curve shifts to the left.
B. demand curve shifts to the right.
C. supply curve shifts to the right.
D. supply curve shifts to the left.
Answer: B
You might also like to view...
If U.S. exports exceed U.S. imports and official reserves do not change, the United States
A) borrows from the rest of the world. B) makes loans to the rest of the world. C) borrows from the U.S. government. D) cannot sell any capital to foreigners. E) makes loans to the U.S. government.
When the price of a good rises, there is
A) an increase in supply. B) a decrease in supply. C) a decrease in quantity supplied. D) an increase in quantity supplied.
Production Possibilities Curve (PPC)
What will be an ideal response?
What is the main difference between a customs union and a free trade area?
a. There are no restrictions on the movement of labor and capital among customs union member countries, whereas labor and capital cannot move freely among free-trade member countries. b. Customs union member countries use identical tariffs, whereas free-trade area member countries have different tariff structures. c. There is free trade among customs union member countries but not among free-trade area member countries. d. Customs union member countries have adopted a common currency, whereas free-trade member countries use their separate national currencies