A shift to the right in the demand curve for product A can be most reasonably explained by saying that:
A. consumer incomes have declined, and consumers now want to buy less of A at each
possible price.
B. the price of A has increased and, as a result, consumers want to purchase less of it.
C. consumer preferences have changed in favor of A so that they now want to buy more at
each possible price.
D. the price of A has declined and, as a result, consumers want to purchase more of it.
Answer: C
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The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 400,000 B) 0 because the United States exports flip-flops C) 700,000 D) 300,000 E) 500,000
Since the War on Poverty was started in 1965, the United States has spent more than $12 trillion on income maintenance programs. The effect has been to
A) reduce poverty levels substantially. B) reduce poverty levels moderately. C) have virtually no effect on poverty levels. D) increase poverty substantially.