When supply increases and the supply curve shifts to the right, equilibrium price and equilibrium quantity will both increase.
Answer the following statement true (T) or false (F)
False
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Using the rule of 70, if the GDP per capita growth rate in the United States is 4.4 percent, real GDP per capita doubles every
A) 6.72 years. B) 15.91 years. C) 44 years. D) 65.6 years.
In a monopolistically competitive market, social welfare would be enhanced if
a. price equaled marginal cost. b. government regulation eliminated the product-variety externality. c. the government raised taxes to subsidize firms that price below average total cost. d. there were fewer firms, making the industry closer to an oligopoly.
Which of the following, if true, would suggest that an expansionary gap exists in an economy?
What will be an ideal response?
The purpose of a strike is
A) to obtain higher wages for union members only. B) to solve jurisdictional disputes. C) to obtain a closed shop. D) to force management to accept the union's proposed contract terms.