Homework Answers
a) A change in the price of the complementary good will shift the demand curve. change in the income will shift the demand curve. Change in the income will shift the demand curve for both the inferior and natural demand curve. the price of the good will only cause a movement along the demand curve.
b) "A"
Adding the value of all the sales is not a way to calculate the GDP as it will include the intermediate goods as well.
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For each of the following events determine whether it would cause a shift of the demand...
3) The law of demand includes the statement other things being equal." These other things include...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
1. Determine the effect on aggregate demand of each of the following events. Explain whether it...
1. Determine the effect on aggregate demand of each of the following events. Explain whether it represents a movement along the aggregate demand (up or down) or a shift of the curve (leftward or rightward). Draw the graph and show your work. (e) a rise in the real value of assets in the economy due to a lower aggregate price level. (f) a rise in the real value of assets in the economy due to a surge in real estate...
Indicate which of the following will cause a movement along a demand curve. Which will shift...
Indicate which of the following will cause a movement along a demand curve. Which will shift the demand curve to the left? Which will shift the demand curve to the right? Will demand increase or decrease? DRAG AND DROP TO MATCH. MATCH LETTERS TO NUMBERS e.g. 1A, 2B, 3F, 4C, 5E 1. An increase in the price of the good 2. An increase in income for a normal good 3. A decrease in the price of a substitute good 4....
State whether each of the following events will result in a movement along the demand curve...
State whether each of the following events will result in a movement along the demand curve for Burger King’s chicken-burger in Halifax or whether it will cause the demand curve to shift either to the right or to the left. Support your argument by drawing a graph to illustrate the shift. 1.1 The price of Burger King’s chicken burger declines. 1.2 The Nova Scotia economy enters a period of rapid growth in incomes. 1.3 A&W claims that they serve beef...
State whether each of the following events will result in a movement along the demand curve...
State whether each of the following events will result in a movement along the demand curve for McDonald's Big Mac hamburgers or whether it will cause the curve to 1.9 shift. If the demand curve shifts, indicate whether it will shift to the left or to the right and draw a graph to illus- trate the shift. a. The price of Burger King's Whopper hamburger declines. b. McDonald's distributes coupons for $1.00 off the pur- chase of a Big Mac....
(leftward shift, no change, rightward shift) Effect on Demand Curve Scenario The incomes of consumers of...
(leftward shift, no change, rightward shift)
Effect on Demand Curve Scenario The incomes of consumers of inferior good Y decrease. What is the effect of the change in incomes on the market for good Y? Farmers are deciding what crop to plant and learn that the price of corn has fallen relative to the price of cotton. What is the effect of the changing prices of crops on the market for corn? Effect on Supply Curve
24) An increase in the demand for bananas will NOT be caused by: A) a rise...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant.
4. Movements along versus shifts of demand curves Consider the market demand for cereal. Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant.EventMovement Along ShiftAn increase in the price of cereal A change in tastes of consumers that makes them desire more cerealA change in the expectations of consumers about their future income
6. Will each of the following events result in a movement along the demand curve or...
6. Will each of the following events result in a movement along the demand curve or a shift (left or right?) of the demand curve for McDonald’s Big Mac hamburgers? a. The price of Burger King’s Whopper hamburger declines. b. McDonald’s distributes coupons for $1.00 off the purchase of a Big Mac c. Because of a shortage of potatoes, the price of French fries increases d. Fast-food restaurants post nutrition warning labels e. The U.S. economy enters a period of...
9.) Ceteris panbus, which of the following would not cause a change in the demand for...
9.) Ceteris panbus, which of the following would not cause a change in the demand for mopeds? (A) A decrease in consumer incomes (B) A decrease in the price of mopeds (C) An increase in the price of bicycles (D) An increase in people's tastes and preferences for mopeds 10.) "Rising oil prices have caused a sharp decrease in the demand for oil." Speaking precisely, and using terms as they are defined by economists, choose the statement that best describes...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
1. Determine the effect on aggregate demand of each of the following events. Explain whether it represents a movement along the aggregate demand (up or down) or a shift of the curve (leftward or rightward). Draw the graph and show your work. (e) a rise in the real value of assets in the economy due to a lower aggregate price level. (f) a rise in the real value of assets in the economy due to a surge in real estate...
State whether each of the following events will result in a movement along the demand curve for McDonald's Big Mac hamburgers or whether it will cause the curve to 1.9 shift. If the demand curve shifts, indicate whether it will shift to the left or to the right and draw a graph to illus- trate the shift. a. The price of Burger King's Whopper hamburger declines. b. McDonald's distributes coupons for $1.00 off the pur- chase of a Big Mac....
(leftward shift, no change, rightward shift)
Effect on Demand Curve Scenario The incomes of consumers of inferior good Y decrease. What is the effect of the change in incomes on the market for good Y? Farmers are deciding what crop to plant and learn that the price of corn has fallen relative to the price of cotton. What is the effect of the changing prices of crops on the market for corn? Effect on Supply Curve
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
9.) Ceteris panbus, which of the following would not cause a change in the demand for mopeds? (A) A decrease in consumer incomes (B) A decrease in the price of mopeds (C) An increase in the price of bicycles (D) An increase in people's tastes and preferences for mopeds 10.) "Rising oil prices have caused a sharp decrease in the demand for oil." Speaking precisely, and using terms as they are defined by economists, choose the statement that best describes...
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