If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, then economists would describe this as
A) an increase in demand.
B) an increase in quantity demanded.
C) a change in consumer income.
D) an increase in consumers' taste for coffee.
Answer: B
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The advantages of a currency union may extend to political relationships, too. How?
A) Currency unions, unfortunately, create political dissension. B) Currency unions can be used by the larger nations to grab political power. C) Currency unions reduce each nation's individual political power. D) Currency unions enhance each nation's identification with other nations in the currency union.
Comparing the minimum wages between 1974 and 2011 addresses the economic concept of
A) the principle of voluntary exchange. B) the principle of diminishing returns. C) the real-nominal principle. D) the marginal principle.