What is the difference between a "change in demand" and a "change in quantity demanded"?
What will be an ideal response?
A "change in demand" means the demand curve has shifted. This is caused by a change in any variable other than price that can influence the market demand of the good in question. A "change in quantity demanded" refers to a movement along the demand curve and this is caused by a change in the price of the good in question.
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Which of the following is true of international trade?
A) International trade reduces the total surplus enjoyed by an economy. B) International trade benefits all participants equally. C) International trade in services is not allowed. D) International trade increases overall economic efficiency.
Which of the following is the best example of an automatic stabilizer?
a. Welfare payments. b. Foreign aid c. Defense spending. d. Highway construction.