An instance in US history when SRAS increased was
a. The Great Depression (1930s)
b. WWII (early 40s)
c. OPEC (70s)
d. Tech Boom (90s)
Ans: d. Tech Boom (90s)
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A Japanese businessman opened an automobile showroom in Singapore this year. His income will lead to a(n) ________
A) increase in the GDP of Singapore B) decrease in the GDP of Singapore C) increase in the GDP of Japan D) decrease in the GDP of Japan
Which of the following would lead domestic investment to rise?
A) an increase in government spending throughout the world B) an increase in world taxes C) an increase in world autonomous consumption D) all of the above E) none of the above
Externalities are unintended costs or benefits that are imposed on unsuspecting people and that result from:
a. poor planning. b. intentional damages. c. excessive costs. d. excessive losses. e. the economic activity of others.
Production possibilities frontiers are typically concave (bowed out) from the origin because
a. of the law of supply b. there is usually a one-for-one trade-off in resources used in production c. economies of scale enable firms to reduce the average costs of production as output rises d. the opportunity cost of a good rises as the quantity of the good produced increases e. resources are often left idle in the firm