When firms advertise their products, they are attempting to:
A. shift the supply curve of the product to the right.
B. shift the supply curve of the product to the left.
C. shift the demand for the product to the right.
D. shift the demand for the product to the left.
Answer: C
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If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely
A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper.
While regressive taxes are considered inequitable, cigarette taxation is popular because _____
a. it is a sumptuary tax b. it mainly hurts tobacco farmers in a few Southern states c. in a lifetime sense it is a progressive tax d. people are inconsistent
Refer to the graph shown of average costs for a typical firm. The per-unit cost of the industry would be $8 if:
A. one firm produced 500 units of output. B. two firms produced 1,000 units of output each. C. one firm produced 667 units of output. D. two firms produced 250 units of output each.
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.