If the aggregate demand curve shifts ________ faster than the long-run aggregate supply curve, then ________ occurs
A) leftward; economic growth
B) leftward; inflation
C) rightward; economic growth
D) rightward; inflation
D
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A fifty cent tax imposed on a pack of cigarettes is _____
a. a unit tax b. an ad valorem tax c. a retail sales tax d. relatively cheap
If bundle A lies on an indifference curve and bundle B lies to the right of the curve, the individual
a. prefers bundle A to bundle B. b. prefers bundle B to bundle A. c. enjoys bundle A and B equally. d. must receive more of both—with bundle B.
According to basic supply and demand analysis, when hurricane Katrina caused oil prices to rise, what happened to the equilibrium price and quantity of sport utility vehicles?
A. Equilibrium price and quantity both increased. B. Equilibrium price and quantity both decreased. C. Equilibrium price increased, and equilibrium quantity decreased. D. Equilibrium price decreased, and equilibrium quantity increased.
In 2017, the poverty line for a family of four was about $42,000.
Answer the following statement true (T) or false (F)