Rightward AS shifts will cause
A. Leftward Phillips curve shifts.
B. Rightward Phillips curve shifts.
C. Movements down and to the right along the existing Phillips curve.
D. Movements up and to the left along the existing Phillips curve.
Answer: A
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In the circular flow model of the market system, households
A. buy products and sell resources. B. sell products and resources. C. sell products and buy resources. D. buy products and resources.
When efficiency is attained, the consumer surplus
A) must be larger than the producer surplus. B) must be smaller than the producer surplus. C) must equal the producer surplus. D) can be either smaller than or larger than but cannot equal the producer surplus. E) can be smaller than, equal to, or larger than the producer surplus.
For a single-price monopoly,
A) if marginal cost exceeds marginal revenue, profits will increase if output decreases. B) if marginal revenue exceeds marginal cost, profits will increase if output decreases. C) there are several different price and output combinations that maximize profit. D) marginal revenue will be greater than price if demand is elastic. E) marginal revenue will be greater than price if demand is inelastic.
Which of the following is an example of spending on goods and services in the circular flow model?
A) Belinda purchases a new computer for her tax-preparation business. B) Timmy purchases a new examination table for use in his veterinary clinic. C) Celeste buys fresh herbs at the farmers' market to use in her restaurant. D) Javier buys 800 square feet of wood flooring for his vacation home.