An Increase in the Price of Ice Cream Is Likely

question 169

Multiple Choice

An increase in the price of ice cream is likely to cause:

• A) a movement to the left along the demand curve for ice cream.
• B) an inward shift of the demand curve for ice cream.
• C) an outward shift of the demand curve for ice cream.
• D) a movement to the right along the demand curve for ice cream.

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Definitions:

GDP Deflator

An assessment tool for the prices of all new, domestically created, final goods and services in an economy.

Inventory

The total amount of goods and materials held in stock by a business.

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country's borders in a given time period.

Exports

Goods or services sent from one country to another for sale or exchange.