In the textbook, the prices of the factors of production, returns from alternative activities, technology, seller expectations regarding future prices, and the number of sellers are called:
A) demand shifters.
B) supply prices.
C) market realities.
D) supply shifters.
Ans: D) supply shifters.
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With a rent ceiling set below the equilibrium rent, i. all renters are able to rent apartments at a lower rent. ii. there is a shortage of apartments. iii. the quantity of apartments supplied does not change because buildings cannot be moved
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
All points above the budget line are
A) inferior to every point on the budget line. B) preferred to every point on the budget line. C) unaffordable. D) Both answers B and C are correct.
Suppose the economy is at full employment and firms become more pessimistic about the future profitability of new investment. Which of the following will happen in the short run?
A) The aggregate demand curve will shift to the right. B) Unemployment will rise. C) Prices will rise. D) Output will rise.
For any item (physical or financial) to be used as money, the item must be
a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable