In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
A) The demand curve would shift leftward.
B) The demand curve would not shift but the price of dining out would rise.
C) The effect on the demand curve is unknown.
D) The demand curve would shift rightward.
E) The demand curve would not shift but the price of dining out would fall.
A
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The United States experienced a depression in which of the following decades?
A. the 1920s B. the 1940s C. the 1950s D. the 1970s
If total planned expenditures exceed real GDP, the economy will contract, causing production of goods and services to decrease and unplanned inventories to rise
a. True b. False Indicate whether the statement is true or false
Slopes of lines are especially important in economics because:
A. they measure marginal changes. B. they always tell us something about profits. C. positive slopes are always preferred to negative slopes. D. they always relate to resource and output scarcity.
The amount of calendar time associated with the long run
A. varies by industry. B. is less than five years. C. is between one and five years. D. is greater than one year.