A change in the price level produces a ________ the aggregate demand curve
i. shift in
ii. change in the slope of
iii. movement along
A) i only B) ii only C) iii only D) i and ii E) i and iii
C
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Answer the following statements true (T) or false (F)
1. If a nation is producing a combination of goods inside its production possibilities curve, it is underutilizing its resources. 2. A nation’s production possibilities curve can be shifted outward by technological development. 3. A production possibilities curve will shift outward when additional resources are found. 4. Because of the high level of output in the United States, there is little need for choosing among alternative output combinations.
For some fisheries in the U.S., the state or federal government imposes "gear restrictions" that limit the size of boats, nets, or other equipment that may be used to harvest the fish in a given body of water
The purpose of the gear restrictions is to: A) prevent everyone from using the common property resource (fish). B) make it harder for other members of society to harvest the resource. This reduces the opportunity cost of the resource for other members of society, and the marginal social cost is closer to the private cost. C) increase the private cost of using the resource so that the private cost is closer to the marginal social cost. D) maintain traditional ways of harvesting fish, which is valuable for promoting tourism.
Assume that inventories declined by more than analysts predicted. This implies that
What will be an ideal response?
The kinked-demand curve is based upon the assumption that an oligopolist's rivals will:
A. follow both a price cut and a price increase. B. follow a price cut, but ignore a price increase. C. ignore a price cut but follow a price increase. D. ignore both a price cut and a price increase.