An increase in the demand for gasoline O leads to an increase in consumption and potential GDP. leads to a decrease in consumption and potential GDP. O does not affect potential GDP.
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- Purchase of tables and chairs by a restaurant is ___________ expenditureI think (d) equilibrium quantity of blue jeans decreases is right?The following data are taken from a United States Department of Agriculture (USDA) reportfor the wheat market. b) From the information in table 2 would you predict an increase or decrease of wheatprice for 2022? Show and explain the formulae you apply.
- The income effect is a.the change in demand due to changes in real income due to a price change of the goodb.the change in demand of both goods due to changes in real income due to a price change of the goodc.the change in income due to changes in the demand for the goodd.observable but only after all the purchases have been made.A university conducts a survey of students, which shows that a 20 percent tuition hike would lead to a 5 percent decrease in enrollment. If the university wants to increase its total revenue, it should tuition because the demand for education at this university is____________Suppose rice is normal, demand is elastic and the price of rice rises. What happens to total spending on rice? Explain.
- IV. 2. The pandemic causes closure of some businesses due to prolonged lockdowns. This leads to more people being unemployed. What non-price determinants will affect the demand and in what way? How will it affect the country’s economy?A popular brand of decorative clay floor tile is priced at $7 per square until a surge in supply forces the price, for a short time, down to $3. Drag the appropriate curve(s) to show the effect of the price drop. To refer to the graphing tutorial for this question type, please click here. Price ($) 16 15 S1 14 13 12 11 10 7 7 6 5 4 DLR 3 2 7 DSR Quantity (thousands)Equilibrium quantity will always inerease if: supply and demand both increase. supply increases and demand decreases. supply and demand both decrease. supply decreases and demand remains unchanged.
- Agricultural price supports result in governments holding large inventories of agricultural products. Why do you think the government cannot simply give the products away to poor people?what is an example of existing demandWhy has there been such a surge in the number of different products available in our economy?