A "decrease in the quantity demanded" means that
A) the demand curve has shifted to the right.
B) the supply curve has shifted to the left.
C) price has declined and consumers therefore want to purchase more of the good.
D) price has increased and consumers therefore want to purchase less of the good.
D
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Which statement is TRUE about a comparison of economic freedom with political freedom?
A) Economic freedom is more important than political freedom when considering positive economic growth. B) Economic freedom leads to positive economic growth while political freedom leads to negative economic growth. C) Political freedom is more important than economic freedom when considering positive economic growth. D) Economic freedom cannot exist without political freedom.
A tire manufacturer produces 400 tires valued at $20 each. Three hundred tires are sold to a tire shop, which then sells them to households for $50 each. The remaining tires are unsold and are added to the tire manufacturer's inventory. How much is added to GDP?
a. $8,000 b. $15,000 c. $17,000 d. $13,000