1.)A newspaper reports that the average price of new homes in a certain city had

Question

1.)A newspaper reports that the average price of new homes in a certain city had decreased, and the number of new homes sold had also decreased. This situation is probably caused by: a.)Higher government subsidies to new homebuyers in that city b.)Declining incomes of people in that city c.)A rising population in that city d.)Declining costs of construction materials and services in that city 2.)When economists say that the demand for a product has decreased, they mean that: a.)The product has become particularly scarce for some reason b.)Consumers are now willing and able to buy less of this product at each possible price c.)The demand curve has shifted to the right d.)The product has become more expensive and thus consumers are buying less of it

Explanation / Answer

1 - b. Declining incomes of people in that city 2 - b. Consumers are now willing and able to buy less of this product at each possible price

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