If there are strong expectations of future economic growth in Cuba, then the
a. Cuban economy will move to the right along its existing consumption curve
b. Cuban economy will move to the left along its existing consumption curve
c. consumption curve in Cuba will shift downward
d. consumption curve in Cuba will shift upward
e. investment curve in Cuba will shift upward
E
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In the short run, which are most important in determining changes in output?
a. marginal costs and revenue b. total costs and revenue c. average costs and revenue d. fixed costs
Appreciation of the dollar will make imported goods more expensive and shift the aggregate demand curve outward
a. True b. False Indicate whether the statement is true or false
To test the theory that if the price of pens rises, then pen purchases fall, an economist would
A. collect data on the price of pens and the price of pencils because the two goods are substitutes. B. investigate whether people purchase more pens when their income rises. C. analyze data on pen purchases linked to the price of pens, holding other factors constant. D. ask his or her friends if they would buy fewer pens when the price rises.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.