The supply curve of books (which are produced using paper made from trees) will shift to the left in response to:
a. a decline in college tuition
b. a sharp increase in the demand for and construction of wood-frame homes.
c. an increase in the supply of lumberjacks.
d. an end to government regulations that limit timber harvesting in national forests.
b
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Some economists argue that the federal government should normally run a deficit at potential GDP, with the borrowed funds applied to
A) health care costs. B) social security benefits. C) investment goods. D) consumption goods.
The cross price elasticity of demand is defined as
A) the percentage change in the supply for one good (a shift in the supply curve) divided by the percentage change in price of a related good. B) the percentage change in demand for two different commodities. C) the percentage change in the demand for one good (a shift in the demand curve) divided by the percentage change in price of a related good. D) the percentage change in price for two different commodities.