Which of the following will NOT cause market supply to increase?
A. an increase in the costs of resources used to produce the product
B. a decrease in labor costs
C. a change in technology which allows a larger level of production at every price
D. an increase in the number of firms supplying the product in the market
Answer: A
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The long-run real interest rate is the long-run nominal interest rate ________
A) minus inflation expectations B) plus all taxes C) plus inflation expectations D) minus all taxes
The difference in the price the buyer pays and the price the sellers keep in the presence of a tax is called:
A. a tax differential. B. a tax wedge. C. the tax incidence. D. the tax burden.
Quinn's income to spend each month on two normal goods, bowling or eating out, is $100. It costs $10 to bowl for the night, and it costs $20 for Quinn to eat at a restaurant. Quinn currently consumes four nights of bowling and three meals at a restaurant. If the price of bowling increased to $15, the income effect would predict:
A. Quinn would consume more of each good. B. Quinn would consume less of each good. C. Quinn would consume more bowling and less meals out. D. Quinn would consume less bowling and more meals out.
Each nation's International Monetary Fund (IMF) quota subscription is based on
A. its public debt. B. its share in world trade. C. its national income. D. its trade surplus.