Which of the following will NOT cause a rightward shift in the supply curve?
A. a reduction in the expected future price
B. an improvement in technology
C. a reduction in resource costs
D. none of these
Answer: D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production
a. True b. False Indicate whether the statement is true or false
These are the cost and revenue curves associated with a monopolistically competitive firm.
According to the graph shown, area B represents:
A. deadweight loss. B. producer surplus. C. profits earned in the short run. D. consumer surplus.
Which of the following statements is true of a country that has a gold standard exchange rate system?
A. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to increase the price of gold. B. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to decrease the price of gold. C. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to reduce its money supply. D. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to increase its money supply.