Which of the following causes a rightward shift of the short-run aggregate supply (SRAS) curve?
A. an increase in the overall price level
B. a reduction in the price of a raw material
C. an increase in the wage rate
D. a decrease in firms' production with more inputs
Answer: B
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Before 2000, the three most recent U.S. recessions occurred in
A) 1969-1973, 1979-1982, and 1994-1995. B) 1973-1975, 1982-1985, and 1990-1991. C) 1973-1975, 1981-1982, and 1990-1991. D) 1981-1982, 1990-1991, and 1998-1999.
According to the graph shown, the monopolistically competitive firm will charge a price:
These are the cost and revenue curves associated with a monopolistically competitive firm.
A. P3 in the short run, and earn positive profits.
B. P2 in the long run, and earn zero profits.
C. P3 in the long run, and earn zero profits.
D. P2 in the short run, and earn positive profits.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
The tax revenues of local governments are typically
A. slightly less than their expenditures. B. more than their expenditures. C. equal to their expenditures. D. less than one-half of their expenditures.