Economics > EXAM > ECO 2023 Final Exam Questions | 60 Questions with 100% Correct Answers | Updated 2023 (All)
ECO 2023 Final Exam Questions | 60 Questions with 100% Correct Answers | Updated 2023
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a combination of goods on a given PPF is - ✔✔Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? - ✔✔Demand shifts right and the supply remain... s unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? - ✔✔Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Supply curve? - ✔✔demand shifts right and supply remains unchanged peanut butter and jelly are complements. If the PRICE of peanut butter goes UP, what happens to the demand curve for jelly? the supply curve? - ✔✔demand shifts left. Supply remains unchanged if technology used in corn production increases, what happens to the supply curve for corn? the demand curve? - ✔✔shifts the supply curve right. the demand curve remains unchanged [Show More]
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