An upward-sloping supply curve shows that
a. buyers are willing to pay more for a scarce product.
b. suppliers are willing to increase production of their goods if they can receive higher prices for them.
c. buyers are unaffected by sellers' costs of production.
d. the price of a product is not influenced by the price buyers are willing to pay.
e. at higher prices, an envy effect begins to affect the demand curve.
b
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The most volatile component of aggregate demand is
A. consumer spending. B. government purchases. C. net exports. D. investment spending.
Which of the following has been suggested as reasons for Mexico's slow economic growth?
A) Mexico's long-ruling PRI political party B) Mexico's Spanish colonial background C) Mexico's legal restrictions on the financial sector D) all of the above
A tariff is a tax on ____ goods that is designed to ____
a. exported; protect domestic industries b. exported; hurt foreign industries c. imported; made domestic consumers pay more d. imported; protect domestic industries e. domestic; discourage imports
The aggregate supply curve is
a. a curve showing the quantities of total output that business will purchase for investment at various price levels. b. a curve showing the quantities of total output that will be offered for sale at various price levels. c. a curve showing the quantities of goods and services that households will provide at various price levels. d. one point on the aggregate expenditure curve.