Which of the following decreases aggregate supply?
A. an increase in educational attainment
B. discoveries of new natural resources
C. an increase in competition
D. a decrease in labor supply
Answer: D
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If the nominal interest rate is below the equilibrium value, then the quantity demanded of money is ________ than the quantity supplied of money, bond prices will ________, and the nominal interest rate will ________.
A. greater; rise; increase B. less; fall; increase C. greater; fall; decrease D. greater; fall; increase
If the demand curve for a product is vertical, any tax increase on the product is paid for entirely by the consumer
Indicate whether the statement is true or false
According to the text, the price elasticity of demand for bath tissue has been estimated to be -2.42. This implies that a 10 percent decrease in the price of bath tissue would cause the quantity demanded of bath tissue to:
A) increase by 2.4 percent. B) decrease by 2.4 percent. C) increase by 24.2 percent. D) decrease by 24.2 percent.
Unlike the steel industry, the automobile industry
(a) became more concentrated. (b) became less concentrated. (c) remained the same in terms of concentration. (d) constantly fluctuated in terms of concentration.