Which of the following changes would not shift the supply curve for a good or service?
a. a change in production technology
b. a change in the price of the good or service
c. a change in expectations about the future price of the good or service
d. a change in input prices
b
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Who benefits from a subsidy to buyers?
A. Only sellers benefit from any kind of subsidy. B. Only consumers benefit, since it is their subsidy. C. The benefit is shared depending on the elasticity of the supply and demand curves. D. None of these statements is true.
When there are more qualified applicants than job openings, this indicates that the
A. Available jobs must be very desirable and pay high wages. B. Economy must be in a recession. C. Wages being offered are too high. D. Labor supply curve must be backward-bending.
What did the sound finance approach to fiscal policy use to support its view?
A. Keynesian economics B. A history of successful procyclical fiscal policy C. The Ricardian equivalence theorem D. The functional finance view
Explain how market failures such as the lack of property rights affect extraction of resources by business firms
What will be an ideal response?