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Economics

Waiver Test For GVSU ECOM 542

QuestionAnswer
If the price of product K declines (due to an increase in supply), the demand curve for a complement product J will Shift to the right
Consumer Surplus is defined as What consumers are willing to pay minus what they actually paid.
If the elasticity of demand is 2, the percentage change in price is 8%, than percentage change in demand will be 16%
Market failure could be caused by Lack of timely information & Inadequate accountability for risk taking
Diseconomies of scale occur because of Problems with coordination
The Monetarist maintains that the economy is generally at full employment because of flexible prices
A permanent increase in oil prices will shift the Aggregate Supply curve to the left
The following will shift the Aggregate Demand curve to the left increasing taxes
In Milton Friedman’s “Fooling model”, prices are increased by higher wages shifting short run aggregate supply to the left
If the supply of a product decreases and the demand of the product simultaneously increases,we conclude that equilibrium price must rise, but equilibrium quantity may either increase or decrease or remain unchanged
Other things being equal, which of the following might shift the demand curve of gasoline to the left the development of a low-cost electric automobile
Assume the price of product A declines (due to an increase in supply), if the demand curve for product B shifts to the right, it can be concluded that A and B are complimentary goods
If the production possibility curve were a straight line, this would suggest that resources are perfectly shiftable at a constant rate between the production of these two goods
A higher toll price for cars in the downtown area during heavy traffic congestion hours will reduce the amount of cars at peak time & encourage some drivers to alter their commuting pattern
A decrease in the cost of labor will shift the supply curve to the right
Created by: marissam06
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