Figure 17-10
Refer to . Consumer surplus with trade and without a tariff is
a.
A.
b.
A + B.
c.
A + C + G.
d.
A + B + C + D + E + F.
d
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An aggregate supply curve that is either horizontal or upward sloping, depending on whether the absolute price level increases as firms produce more output is called:
A) short-run aggregate supply curve. B) long-run aggregate supply curve. C) potential GDP. D) NAIRU.
Suppose that Rockport Shoes planned to produce and sell $200 million of shoes in 2003, but by year's end was able to sell only $180 million. The remaining unsold $20 million would be recorded as
a. personal consumption expenditures b. a business loss c. an addition to business inventory d. an increase in disposable income e. a part of the underground economy
A leftward shift of a supply curve is called a(n)
a. increase in supply. b. decrease in supply. c. decrease in quantity supplied. d. increase in quantity supplied.
Tom Searchinger, a senior attorney at the Environmental Defense Fund, observed that generous farm subsidies have encouraged farmers to produce more corn and more wheat. How does this affect the market for fertilizer?
A) The supply of fertilizer increases. B) The supply of fertilizer decreases. C) The demand for fertilizer increases. D) The demand for fertilizer decreases.