An increase in quantity and an indeterminate change in price are consistent with a:
A. rightward shift in supply, keeping demand constant.
B. leftward shift in demand and supply.
C. rightward shift in demand, keeping supply constant.
D. rightward shift in supply and demand.
Answer: D
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Which of the following is TRUE of the current account balance?
A) Monetary expansion has no effect on the current account balance. B) Monetary expansion decreases the current account balance. C) Fiscal expansion increases the current account balance. D) Fiscal expansion has no effect on the current account balance. E) Monetary expansion increases the current account balance.
The aggregate supply curve shows the relationship between
A) the level of inputs and aggregate output. B) the inflation rate and the level of inputs. C) the wage rate and the level of employment. D) the inflation rate and the level of aggregate output supplied.
Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is
a. a normative problem b. the out-of-pocket cost c. the opportunity cost d. the lost profit e. the total factor productivity
Which statement is true?
A. Most strikes cause serious economic disruptions. B. The threat of a strike provides the motivation necessary to make collective bargaining work. C. Most labor unions enter collective bargaining hoping for a strike. D. None of the choices are true.