Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. a decrease in supply of laptops.
B. a decrease in quantity supplied of laptops.
C. an increase in supply of laptops.
D. an increase in quantity supplied of laptops.
Answer: C
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The impact of an increase in the price of a particular good is illustrated as a
A) leftward shift in its demand curve. B) rightward shift in its demand curve. C) movement upward and to the left along its demand curve. D) movement downward and to the right along its demand curve. E) rightward shift in its demand curve and a movement upward and to the left along its demand curve.
Minimum efficient scale is defined as the level of output at which
A) the firm's long-run average total cost starts falling. B) all economies of scale are exhausted. C) the maximum output is produced. D) diminishing returns affect average total cost.
The leakage and injections approach implies that a government deficit is financed by
A) private saving less private investment plus net exports. B) private investment less private saving plus net exports. C) the trade deficit must always offset the government deficit. D) None of the above.
A tariff affects imports
a. by limiting quantity and raising price to a higher level. b. by reducing quantity demanded so that supply falls. c. by increasing supply, raising price, and reducing demand. d. by raising price and reducing quantity demanded.