# Refer to table 33 2 india has an absolute advantage

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Chapter 8 / Exercise 41
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
14) Refer to Table 33 - 2. India has an absolute advantage in the production of A) both rice and wheat. B) neither rice nor wheat. C) wheat. D) rice. E) all of the above
15) A normal good is a good
16) A change in demand is said to take place when there is a
17) Which of the following would cause a movement along the demand curve, other things being equal?
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Chapter 8 / Exercise 41
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
18) Consider butter and margarine, which are substitutes. When the price of butter falls, the demand curve for margarine is likely to A) shift to the left. B) shift to the right. C) remain stationary. D) remain stationary, although its price will rise. E) remain stationary, although its price will fall.
19) If the price of tea falls and as a consequence the demand for sugar rises, then tea and sugar are
20) The market supply curve for some good or service would shift to the right
21) A fall in the price of raw milk (which is used in the production of ice cream) will
FIGURE 3 - 1 22) Refer to Figure 3 - 1. The movement along the demand curve, D , from point v to point x , could be caused by A) a change in the price of energy - efficient light bulbs. B) an increase in household income, which allows consumers to purchase more light bulbs. C) an expectation that new, government regulations will require the use of energy - efficient light bulbs only. D) a change in preferences away from ordinary light bulbs to energy - efficient light bulbs. E) a change in the price of ordinary light bulbs. 23)