The price of imported oil decreased in 2001 . How did this affect the aggregate supply curve?
a. It became steeper.
b. It became flatter.
c. It shifted inward.
d. It shifted outward.
d
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If the natural monopoly shown in the figure above is unregulated, it will make an economic profit of
A) $2 million. B) $4 million. C) $9 million. D) $0, that is, it earns a normal profit.
If a central bank wishes to lower the foreign-exchange value of its currency, it will
A) buy domestic currency and sell foreign assets. B) sell domestic currency and buy foreign assets. C) attempt to raise domestic interest rates. D) attempt to lower the domestic price level relative to foreign price levels.
Total costs increase from $1,500 to $1,800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. VC rise by $1,800 b. VC rise by $0 c. VC rise by $300 d. VC rise by $1,500
Specialization in production
A. Increases output. B. Makes a country weak. C. Decreases total world output. D. Reduces the standard of living.