If a war interrupted oil production, which of the following would most likely happen in the short run?
a. Unit costs would decrease and there would be an upward movement along the aggregate supply curve.
b. Unit costs would increase and the aggregate supply curve would shift upward.
c. Unit costs would increase and the aggregate supply curve would shift downward.
d. Unit costs would decrease and the aggregate supply curve would shift upward.
e. Unit costs would increase and there would be movement along the aggregate supply curve.
B
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Which of the following countries devote the smallest percentage of its GDP to taxes?
a. The United Kingdom. b. Sweden. c. Germany. d. The United States.
Which of the following about costs is always true?
a. When marginal costs are less than average total costs, average total costs will be decreasing. b. When average fixed costs are falling, marginal costs must be less than average fixed costs. c. When average fixed costs are rising, marginal costs must be greater than average total costs. d. When marginal costs are greater than average total costs, average total costs will be decreasing.
Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders?
a. Both wages and employment will increase. b. Both wages and employment will decrease. c. Wages will increase, and employment will decrease. d. Wages will decrease, and employment will increase.
Suppose that when you consume the third piece of chicken, total utility rises from 420 to 520. Marginal utility for the third piece of chicken is:
A. 520. B. 420. C. 100. D. 140.