The Change in Price That Results from a Rightward Shift

question 106

Multiple Choice

The change in price that results from a rightward shift in demand will be greater if

• A) the supply curve is horizontal than if the supply curve is upward sloping.
• B) the supply curve is relatively steep than if the supply curve is relatively flat.
• C) the supply curve is upward sloping than if the supply curve is vertical.
• D) the supply curve is horizontal than if the supply curve is vertical.

Identify and correct errors in the use of homophones.

Distinguish between the correct usage of adjectives and adverbs.

Apply correct word choice in the context of financial planning and budgeting.

Recognize the importance of precise language in professional and personal communication.

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Definitions:

Protective Tariff

A tariff imposed by a country on imported goods to protect domestic industries from foreign competition by making imported goods more expensive.

Export Subsidy

A government policy to encourage export of goods and discourage sale within the domestic market through direct payments, tax relief for exporters, or subsidizing part of the cost.

Voluntary Export Restriction

An agreement between exporting and importing countries where the exporter voluntarily limits the quantity of goods exported to avoid stronger restrictive measures.

Domestic Equilibrium Prices

Prices of goods and services within a country that are established through the balance of supply and demand without the influence of international trade.