1-Which of the following would cause the supply curve to shift to the right?
An increase in the price of the product.
An improvement in technology.
an increase in taxes
An increase in production costs.
2-A positive statement is
an opinion
can be shown to be correct or incorrect.
based upon what can be demonstrated to be true.
a value judgement.
3-If you consume pasta every day of the week, its marginal utility is bound to ________ at the end of the week, ceteris paribus, and this demonstrates the law of ________.
Increase; Diminishing Marginal Utility
Decline; Diminishing Marginal Utility
Decrease; Total Utility
Increase; Increasing Marginal Utility
4-A demand curve shows the graphical relationship between price and
costs.
revenues received
quantity demanded.
quantity produced.
