Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production
b. The price of the product
c. The income levels of consumers
d. The price expectations of producers
e. The preferences of consumers
b
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In 2008, Japan's government approved a $1 trillion fiscal stimulus plan comprised of both tax cuts and government expenditure increases. As a result
A) Japan's aggregate demand curve shifted rightward. B) Japan's aggregate supply curve shifted leftward. C) Japan's aggregate demand curve shifted leftward. D) Japan's long-run aggregate supply curve shifted leftward.
If the opportunity cost of producing corn is lower for Ohio than for Iowa, then:
A. Iowa should specialize in corn production. B. Iowa has the comparative advantage in corn production. C. Iowa should export corn to Ohio. D. Ohio has the comparative advantage in corn production.
Cartels frequently break down in the long run because
a. they are illegal b. tacit collusion is illegal c. contracts and agreements are legally binding d. cooperative behavior usually lowers profits for the entire industry e. members have an incentive to increase output
Point X is in the _____ phase of the business cycle.
A. prosperity
B. recovery
C. recession
D. depression