If the price of a good is below the equilibrium price,
a. suppliers will find inventories building; they will cut output and raise prices.
b. suppliers will find inventories being depleted. They will increase production and raise prices.
c. the demand curve will shift down until an equilibrium is established at the existing price.
d. the supply curve will shift up until an equilibrium is established at the existing price.
b
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Which of the following is an example of a U.S. export of services?
a. a Canadian buys a Ford automobile that was produced in the United States b. a U.S. traveler buys an Irish knit sweater made in Ireland c. a British citizen buys an American Airlines ticket from London to New York d. a U.S. citizen puts money into a French money market account e. a Japanese exchange student buys a Big Mac while attending college in California
If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
A. 31 B. 93 C. 67 D. 105
The initial impact of an increase in government spending is to shift
A. aggregate supply to the right. B. aggregate demand to the left. C. aggregate demand to the right. D. aggregate supply to the left.
Answer the following questions true (T) or false (F)
1. Government intervention in agriculture began in the United States in the 1890s. 2. Rent control is an example of a price floor. 3. Price floors are illegal in the United States.