There is a technological advance in the production of ice cream. As a result, the supply curve of ice cream shifts ________ and ________
A) leftward; both the equilibrium price and equilibrium quantity fall
B) rightward; both the equilibrium price and equilibrium quantity fall
C) rightward; the equilibrium price falls while the equilibrium quantity increases
D) rightward; both the equilibrium price and equilibrium quantity rise
C
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The multiplier is
A) the percentage of a given change in income that goes towards consumption. B) the number which is multiplied by an autonomous change which gives the change in the equilibrium level of real GDP. C) the part of consumption that is independent of the level of disposable income. D) the proportion of total disposable income that is consumed.
Refer to the table above. You are told that Country B has no minimum wage or child labor laws. Now the correct answer is
A) country B will export good S. B) country A will export good S. C) both countries will export good S. D) trade will not occur between these two countries. E) both countries will import good S.