Which of the following changes would not result in a shift in the demand curve for milk?
A. A change in the income of buyers of milk
B. A change in the price of milk
C. A change in the population
D. A medical report that milk consumption increases cholesterol.
Answer: B
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The oldest theory of comparative advantage is based on:
a. factor abundance. b. productivity differences. c. product life cycles. d. preferences. e. human skills.
Where would you find a voluntary muscle?
A. Attached to the femur B. In blood vessel walls C. Inside the heart D. Lining the stomach
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Under the George W. Bush Administration, federal income taxes were cut twice and defense spending boosted substantially. Taken together, these actions are likely to have
A. decreased aggregate demand. B. decreased aggregate supply. C. increased aggregate demand. D. increased aggregate supply.