The demand curve for apples slopes downward
a. because supply and demand are equal in equilibrium
b. since producers supply more when consumers demand more
c. because people are assumed to be basically greedy
d. because the law of demand holds in the market for apples
e. because apples are preferred to all other goods
D
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Use the following graph to answer the next question.
It depicts an economy in the ________.
A. current year B. short run C. current month D. long run
Refer to the above figure. The rational expectations hypothesis implies that an anticipated decrease in aggregate demand from AD2 to AD1 will
A) move the economy from b to c. B) move the economy from b to a. C) move the economy from c to a. D) shift the aggregate supply (AS) curve to the left.
Which of the following most accurately indicates the implications of an economy's production possibilities curve?
a. If all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced. b. If all the resources of an economy are being used efficiently, it is generally possible to produce more of one good without having to sacrifice the production of other goods. c. Over time, it is generally impossible for a country to expand its production of goods. d. An economy will automatically move toward a point that lies outside of the production possibilities constraint unless proper government policy constrains production.
The dominant school of economic thought from the 1930s into the 1960s was __________.
Fill in the blank(s) with the appropriate word(s).