The most basic concept of economics is
A. scarcity.
B. shortage.
C. bounded rationality.
D. money.
Answer: A
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A 45-degree line on a graph with expenditures, E, on the vertical axis and production, Y, on the horizontal axis, represents
A) the line of disequilibrium levels of income. B) all possible equilibrium levels of production and expenditures. C) some of the equilibrium levels of production and expenditures. D) None of the above.
In the short run with fixed prices, an increase in exports of $100 billion
What will be an ideal response?
What is the shape of the long-run supply curve in a decreasing-cost industry?
A. increasing B. downward sloping C. upward sloping D. horizontal
Does a tax on buyers affect the supply curve?
A. Yes, it shifts to the right by the amount of the tax. B. Yes, it shifts to the left by the amount of the tax. C. Yes, it shifts up by the amount of the tax. D. No, there is change in the quantity supplied, but the supply curve does not move.