An increase in the number of producers of bird seed ________ the supply of bird seed and shifts the supply curve of bird seed ________
A) does not change; rightward
B) increases; rightward
C) decreases; leftward
D) decreases; rightward
E) increases; leftward
B
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In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift down, the equilibrium level of aggregate output to ________, and the IS curve to shift to the ________,
everything else held constant. A) rise; left B) rise; right C) fall; left D) fall; right
Based on Scenario 6.1 above, if a tariff of 20 percent is placed on imports of dining room tables, and another tariff of 50 percent is placed on imports of wood and parts, then the effective rate of protection on tables made in the United States is
A) 70 percent. B) 50 percent. C) 20 percent. D) 12.5 percent.
Rate of return regulation is typically imposed on
A) monopolistically competitive firms. B) an oligopoly. C) a natural monopoly. D) perfectly competitive firms.
A city street is
a. always a public good, whether or not it is congested. b. a public good when it is congested, but it is a common resource when it is not congested. c. a common resource when it is congested, but it is a public good when it is not congested. d. always a common resource, whether or not it is congested.