When OPEC cut energy production in 1973, the aggregate supply curve shifted outward
a. True
b. False
Indicate whether the statement is true or false
False
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An example of the new goods bias in the CPI is the
A) introduction of higher quality brakes as standard equipment on new cars. B) introduction of hybrid automobiles, vehicles that were not made until recently. C) decreasing popularity of SUVs as the price of gasoline has risen. D) switch from traditional car dealerships to low-cost Internet car buying services.
Government expenditures on capital goods such as roads could increase aggregate supply. Such effects on aggregate supply are likely to matter more in the short run than in the long run
a. True b. False Indicate whether the statement is true or false
Miguel, Maria, and Marcos all would like a place to sit while waiting at their children's bus stop. The neighborhood association is considering installing several park benches at the bus stop. Miguel values the benches at $20, Maria at $30, and Marcos at $40 . The park benches and labor for installation cost $100 . If Miguel, Maria, and Marcos are the only residents who value the benches, what
should the neighborhood association do? a. Install the park benches because people like places to sit. b. Install the park benches because the benefits outweigh the costs. c. Do not install the park benches because the costs outweigh the benefits. d. Do not install the park benches to prevent the Tragedy of the Commons problem of overuse.
In New York City, apartment rent can be adjusted only when a tenant leaves. This leads
A. landlords to encourage tenants to stay in their apartments. B. businesses to build new rental units. C. tenants to stay in apartments longer than they would otherwise. D. people to change apartments often.