Which of these events would indicate a movement along a supply curve for batteries?
a) Workers at a major battery factory go on strike and stop production
b) A new law requires battery manufacturers to spend more money on environmentally-sound trash disposal
c) Battery manufacturers raise the price of eight AA batteries from $3.50 to $3.95 a set.
d) A new trade agreement enables stores to import foreign batteries
Ans: c) Battery manufacturers raise the price of eight AA batteries from $3.50 to $3.95 a set.
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Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef. B) leave demand for chicken, pork, and beef unchanged. C) increase demand for chicken, pork, and beef. D) increase quantity demanded of beef.
Mercantilism was a system in which all of the following were true except:
A. governments limited growth by protecting monopolies. B. governments encouraged growth by supporting trading activities. C. economic rather than social forces controlled the central economic decisions. D. political rather than social forces controlled the central economic decisions.