The price of pineapples has risen dramatically. Which of the following is likely to happen?
A. The quantity of pineapples supplied will increase.
B. The quantity of pineapples supplied will decrease.
C. The supply of pineapples will decrease.
D. The supply of pineapples will increase.
Answer: A
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes, and the supply curve of shoes ________
A) does not change; does not shift B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. Which of the following could result in a movement to point c?
A) a decrease in income B) an increase in the relative price of a soft drink C) a decrease in the relative price of a soft drink D) a decrease in the price of bottled water
The steeper the short-run aggregate supply curve, _____
a. the smaller the impact of a shift in aggregate demand on equilibrium output b. the larger the value of the spending multiplier c. the larger the impact of a shift in aggregate demand on equilibrium output d. the smaller the change in government spending needed to achieve the desired change in equilibrium output e. the flatter the aggregate demand curve
Historical table 5.1 (which we used earlier in the semester)
What will be an ideal response?