An increase in the equilibrium price for a product will result
A) when there is an increase in demand and an increase in the number of firms producing the product.
B) when there is a decrease in supply and a decrease in demand for the product.
C) when there is a decrease in supply and an increase in demand for the product.
D) when the quantity of the product demanded exceeds the quantity supplied.
C
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The income per capita of Country 1 in a certain year was 1,800 in its own currency while that of Country 2 was 32,000 in its own currency
i) If 1 unit of Country 1's currency is worth 6. 5 units of Country 2's currency, which country has a higher income per capita? ii) Which country is likely to have a higher Human Development Index and why?
According to the special interest theory,
a. economic regulation is designed to promote social welfare b. producers may be able to influence regulators to impose restrictions favorable to producers c. groups of consumers with special interests may be able to control a regulatory agency to their own benefit d. foreign lobbyists may be able to control a regulatory agency to their own benefit e. the fighting between special interest groups over economic regulation may cancel out effects of such regulation