Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves?
A. Technology.
B. Expectations.
C. Income.
D. The price of the good itself.
Answer: B
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Refer to Figure 18-1. Of the tax revenue collected by the government, the portion borne by producers is represented by the area
A) F + G. B) B + C. C) E + H. D) B + C + F + G.
The confidence you have that a retailer will accept dollars in exchange for goods is based primarily on money
a. being a unit of account. b. being a medium of exchange. c. serving as a store of value. d. having intrinsic value.
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. If the United Kingdom and the rest of the world begin to trade with each other, the international price of corn will lie between ________ and Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. three umbrellas per bushel of corn; eight umbrellas per bushel of corn. B. 1/8 of an umbrella per bushel of corn; 1/3 of an umbrella per bushel of corn. C. 1/8 of an umbrella per bushel of corn; eight umbrellas per bushel of corn. D. 1/3 of an umbrella per bushel of corn; three umbrellas per bushel of corn.
Refer to Figure 14.2. A movement from point b to point d could be caused by a(n):
A. decrease in government spending. B. increase in the price of oil. C. decrease in taxes. D. increase in short-run aggregate supply.