Refer to the below graph. A change from Point A to Point C represents a(n)
a. increase in supply.
b. decrease in supply.
c. increase in quantity supplied.
d. decrease in quantity supplied.
d. decrease in quantity supplied.
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Economists estimate that an increase in tax rates by 8% will ________ work by ________.
A. increase; 1% B. decrease; 15% C. increase; 15% D. decrease; 1%
If s denotes savings rate, I denotes aggregate investment, and Y denotes GDP, then which of the following equations is correct?
A) I = s × Y B) I =s/Y C) I = Y/s D) Y = s × I
Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is -$2 million, government purchases are $10 million, and net export spending is $2 million. What is GDP?
A) $15 million B) $23 million C) $25 million D) $27 million
The effects of a tariff are
A) reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price. B) reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price. C) reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price. D) identical to the effects of a quota, except that the price of the good is higher.