Refer to the information provided in Figure 26.6 below to answer the question(s) that follow.
Figure 26.6Refer to Figure 26.6. Suppose the equilibrium price level is 110. An increase in the Z factors ________ equilibrium output and ________ the price level.
A. leaves unchanged; increases
B. increases; increases
C. decreases; leaves unchanged
D. decreases; decreases
Answer: D
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A new country has been established on the moon and created a currency called cheesybits. Which of the following represents a supply of cheesybits?
A. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill. B. Luna lives on the moon and wants to travel to visit relatives in Japan. C. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon. D. Spacejunk Corporation sells recycled spacecraft parts to Rockets-R-Us in California.
The above figure shows the market for labor. The employer is a monopsony. If a minimum wage of $10 is imposed, the equilibrium level of employment is
A) 200 hours per day. B) 400 hours per day. C) 600 hours per day. D) 800 hours per day.
If a monopolist's marginal revenue is $15 per unit and its marginal cost is $25, then to maximize profit the firm should decrease output
Indicate whether the statement is true or false
Most Keynesian macroeconomists today ________ the natural rate hypothesis, which has helped lead to the ________ of Keynesian macroeconomics in the 1990s
A) reject, near-total extinction B) reject, revival C) accept, near-total extinction D) accept, revival