Refer to Figure 14.2. A movement from point d to point c could be caused by an:
A. increase in government spending.
B. increase in the price of oil.
C. increase in taxes.
D. increase in short-run aggregate supply.
Answer: B
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Consumption smoothing refers to ________
A) the impact of future income on current consumption and of current income on future consumption B) the constancy of consumption over time C) the impact of current consumption on future income and of future consumption on current income D) the tendency of consumers to adopt similar spending habits
Efficiency is an important motive for merger
Indicate whether the statement is true or false
(Use the graph of the wheat market in Economic Insight 9.1, on p. 162 of the text.) S1 shows the supply curve for wheat in the local market. S2 shows the supply curve for wheat in more distant markets in the early 1800s. S3 shows the supply curve for wheat in more distant markets in the mid-1800s. Given the information provided, we can conclude that
a. the price that wheat producers received per bushel rose from P2F to P2C during the antebellum period. b. the price paid by wheat buyers in distant markets fell from P2C per bushel to P3C per bushel during the antebellum period. c. in the mid-1800s, wheat buyers in distant markets paid P3F per bushel and wheat producers received P3C per bushel. d. wheat producers received a price of P3C for wheat in the early 1800s.
Deficits and surpluses are commonly calculated as:
A. debt per taxpayer. B. average debt per state. C. a percentage of national GDP. D. absolute values.