If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?
A. The company would not change its manufacturing.
B. More people would be needed to produce the product.
C. It would decrease the supply.
D. It would increase the supply.
Answer: D
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Classical macroeconomic theorists believed that economic downturns:
A. would not end quickly without government intervention. B. could be completely eliminated through increased government spending. C. would not lead wages to fall. D. would generally reverse themselves quickly without policy intervention.
Your real disposable income is your real income after you have paid
A) consumption expenses. B) rent and food expenses. C) net taxes. D) medical expenses.
The figure below shows the supply and demand curves for jeans in Smallville.
Suppose jeans initially sell for $60 per pair. If the price of jeans falls to $40 per pair, then total economic surplus will increase by ________ per day.
A. $40 B. $20 C. $80 D. $160
Suppose, due to the effects of a military conflict that has ended, that a country experiences a large reduction in its capital stock. Assume no other effects of this event on the economy. Which of the following will tend to occur as the economy adjusts to this situation?
A) a relatively low growth rate for some time B) a relative high growth rate for some time C) zero growth for some time, followed by a gradually increasing growth rate D) positive growth, followed by negative growth, and then zero growth E) none of the above