If the prices of imported resources decrease, then this event would most likely:
A. increase aggregate demand.
B. decrease aggregate supply.
C. decrease aggregate demand.
D. increase aggregate supply.
Answer: D
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Which of the following statements is true of minimum wages?
A) Minimum wages are sometimes referred to as wage ceilings. B) No state in the U.S. economy has ever enforced a minimum wage. C) Minimum wages are normally set above the labor market clearing wage rate. D) Minimum wages benefit firms and producers.
The Great Depression really began in the second half of the year ________.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements about a market for used cars is incorrect?
A. The presence of low-quality cars decreases consumers' willingness to pay. B. An increase in price increases the quantity of high-quality cars supplied. C. An increase in price decreases the quantity of low-quality cars supplied. D. The decrease in the quantity of high-quality cars lowers consumers' willingness to pay.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30