Which of the following supply shocks will shift the long-run aggregate supply curve rightward?
What will be an ideal response?
an increase in agricultural output
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Falling transportation costs in the 19th century
a. fostered regional specialization according to comparative advantage. b. created increasing lags for price declines along the Mississippi. c. propelled the process of western expansion. d. All of the above. e. Both a and c are correct.
If equilibrium is present in a market:
A. there is either a shortage or a surplus. B. the quantity demanded equals quantity supplied. C. the quantity demanded exceeds quantity supplied. D. the quantity supplied exceeds quantity demanded.
In Figure 6.6 if price is P3, then the industry will:
A. expand. B. contract. C. stay the same size. D. cease to exist.
Which of the following federal agencies is NOT engaged in economic regulation?
A) the Federal Reserve B) Federal Aviation Administration C) Food and Drug Administration D) Federal Deposit Insurance Corporation