Refer to the four graphs below. In which graph would the indicated shifts cause equilibrium quantity to definitely rise, but the effect on price is indeterminate?
A. Graph A
B. Graph B
C. Graph C
D. Graph D
A. Graph A
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If the price of gasoline rises at the Exxon gas station at a busy intersection, the Mobil station at the same intersection will experience
a. an outward shift of the demand curve it faces b. an inward shift of the demand curve it faces c. a rightward movement along the same demand curve it faces d. a leftward movement along the same demand curve it faces e. neither a shift in nor a movement along the demand curve it faces
Which of the following best describes the characteristics of a set of property rights that are consistent with the achievement of economic efficiency?
a. specified, nonexclusive, nonrival, enforced b. nonexclusive, rival, enforced, transferable c. exclusive, rival, enforced, nontransferable d. specified, exclusive, transferable, enforced e. specified, exclusive, nonrival, enforced
Use the following graph to answer the next question.
In the diagram, the economy's short-run AS curve is line ________ and its long-run AS curve is line ________.
A. 2; 1 B. 3; 4 C. 1; 3 D. 2; 4
When federal government spending exceeds tax revenues, the federal government runs a budget surplus.
Answer the following statement true (T) or false (F)