Which of the following is most likely to cause the long-run aggregate supply curve to shift rightward?
What will be an ideal response?
a technological breakthrough with widespread practical applications
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A demand curve can be interpreted as
A) a marginal benefit curve. B) a total benefit curve. C) an average benefit curve. D) a marginal cost curve. E) None of the above answers is correct.
If consumers spend their income either on gasoline or food, then an increase in the price of gasoline rotates the budget line
A) inward along the "food" axis. B) outward along the "food" axis. C) inward along the "gasoline" axis. D) outward along the "gasoline" axis.
The procedure of determining the present value of payments to be received in the future is known as
a. compounding b. amortizing c. perpetuating d. nominalizing e. discounting
What is the best definition for rules of thumb?
a. universal principles that apply to economic situations across time and culture b. limitations placed on the ability of humans to problem solve effectively c. decision-making shortcuts based on what seems to have worked well in the past d. ways of circumventing traditional economic principles in order to maximize utility