Suppose that British tastes changed and American goods become more desirable to British citizens. There would be
a. a leftward shift of the supply of pounds curve.
b. a movement downward along the supply of pounds curve.
c. a movement upward along the supply of pounds curve.
d. a rightward shift in the supply of pounds curve.
e. a rightward shift in the demand curve for pounds..
D
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Refer to Scenario 9.1. This scenario is an example of a ________ game
A) pure coordination B) chicken C) prisoner's dilemma D) battle of the sexes
Which of the following lists the three types of firms in the United States from smallest to largest in terms of volume of sales?
a. partnerships, sole proprietorships, corporations b. sole proprietorships, partnerships, corporations c. sole proprietorships, corporations, partnerships d. corporations, partnerships, sole proprietorships e. partnerships, corporations, sole proprietorships
According to the graph shown, the consequence of expansionary fiscal policy is:
A. inflation.
B. deflation.
C. a greater level of potential output.
D. a lower level of potential output.
Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand increases. What will probably happen to a firm in this industry in the long run?
a. ?The equilibrium price will be higher in the long run. b. ?There will be no change in the equilibrium price and quantity supplied by the firm. c. ?It will charge the same equilibrium price but will reduce its output. d. ?It will experience higher average total costs and will reduce its output. e. ?The equilibrium price will be lower in the long run.