Which of the following do NOT cause a shift in a Supply Curve for a given good?:

Question

Which of the following do NOT cause a shift in a Supply Curve for a given good?: a. A change in technology b. A change in imports of a competitive product c. A change in legislation affecting the sale of that good d. A change in the weather e. A change in the price of that good An "Inferior Good" is one that: a. Everyone agrees is of inferior quality b. A good that has been on the market for a long time c. A good that has no snob appeal d. A good of which less is bought when its price falls e. A good that is a shoddy version of a luxury product A "Complementary Good" is one that: a. A friend often; to another as a way of showing appreciation b. Relates closely to another such that a rise (or fall) in the price of this other good leads to an increase (or fall) in the demand for that good; both move in the same direction. c. You have to buy along with another good, the seller says, regardless of whether you want it d. Your employer gives you for good performance e. Is left over alter a sale and is given free. A "Substitute Good" is one that: a. People buy more (or less) of when the price of a close alternative good falls (or rises) b. People say is a good alternative for the good you have just bought c. You buy when you can't find what you want d. You sell in order to buy what you want e. You buy when you're not sure what you want Choose the answer that best describes how GDP differs from GNP: a. GDP includes exports less imports; GNP includes both exports and imports b. GNP includes all the profits and income earned in a country: GDP includes all the profits and income earned in a country, less profits and income earned by foreigners in that country c. GNP doesn't allow for depreciation; GDP does d. GNP is net of inventory adjustments; GDP includes net inventory adjustments e. GNP includes spending by foreigners in the US; GDP docs not. John Maynard Keynes was a British economist who advocated: a. The use of defense spending to mitigate fluctuations in the economy b. The expansion or contraction of the supply of money to offset fluctuations in the economy c. Increasing productive government expenditure and reducing taxes in a recession d. Spending on public works in good times to take advantage of increased tax revenues e. Allowing the market to adjust to fluctuations in the economy Milton Friedman was an American economist who advocated: a. The expansion (or contraction) in the supply of money to offset recessions or overheating b. Manipulation of the interest rate set by the Federal Reserve e to offset economic fluctuations c. Raising or lowering taxes to offset fluctuations in the economy d. Allowing the market to adjust to fluctuations in the economy e. Controlling government expenditure and adhering to a balanced budget

Explanation / Answer

44) d ----> Due to weather conditions supply of goods can either increase or decrease.
45) d ----> Income rises then the demand of good is low."
46) b ---> Eg. Bread with butter, Wine with snacks
47) c ----> Demand of one goes down then the demand of other good goes up
48) e) --- > GNP includes income earned from countrymen in other country minus the income earned by our foreigners in our country.
49) b)--> Rule is based on interest rate and supply of money in the economy
50)b) --> Interest rates low means economy require to supply less money and vice versa.

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