If the cost of fertilizer rises, then the price of corn will:
a. rise. b. fall.
c. remain unchanged. d. react unpredictably.
a
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Which of the following would not cause a shift in the supply curve for a good?
a. An increase in demand for that good. b. An increase in the cost of labor used to produce that good. c. A change in the cost of raw materials used to produce that good. d. A decrease in the cost of machinery used to produce that good.
Suppose that 2012 is the base year and the price deflater in 2016 is 104.5. Considering this, how are the prices in 2016 different from the price in 2012?
a. The 2016 prices are about 4.5 percent lower than the 2012 prices. b. The 2016 prices are about 104.5 percent lower than the 2012 prices. c. The 2016 prices are about 4.5 percent higher than the 2012 prices. d. The 2016 prices are about 104.5 percent higher than the 2012 prices.
If the demand for housing increases and the supply of housing decreases:
A) price will go up and quantity will go down. B) price and quantity will both go up. C) price will increase, but the quantity change is indeterminate. D) the quantity will be higher, but the change in price is indeterminate.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.