An increase in the price of gasoline will cause a(n)
a. an increase in the quantity of gasoline demanded
b. decrease in the quantity of gasoline demanded
c. no change in the quantity of gasoline demanded
d. increase in the demand for gasoline
e. decrease in the demand for gasoline
B
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Suppose that there is an improvement in a country's terms of trade between 2010 and 2011. This improvement means that:
a. it can purchase more imports in 2011, with the same volume of exports as in 2010. b. it can purchase more exports in 2011, with the same volume of exports as in 2010. c. it needs to increase its exports in order to purchase the same volume of imports as in 2011. d. regarding its international trade, it is worse off in 2011 than it was in 2010.
How do the following affect the equilibrium price in a market?
a. A leftward shift in demand b. A rightward shift in supply c. A large rightward shift in demand and a small rightward shift in supply d. A large leftward shift in supply and a small leftward shift in demand