Refer to the diagram. Assume that G and T 1 are the relevant curves and that the economy is currently at B, which is its full-employment GDP. This economy has a:
A. cyclically adjusted budget surplus only.
B. cyclically adjusted budget deficit only.
C. cyclically adjusted budget surplus and an actual budget surplus.
D. cyclically adjusted deficit and an actual budget deficit.
C. cyclically adjusted budget surplus and an actual budget surplus.
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The four factors of production (or types of resources) are
a. land, labor, capital, and entrepreneurial ability. b. labor, capital, technology, and entrepreneurial ability. c. labor, capital, entrepreneurial ability, and money. d. land, labor, capital, and money.
An increase in the price level leads to a
A) leftward shift in the demand for money curve. B) rightward shift of the supply of money curve. C) movement downward along the demand for money curve and no shift of the curve. D) movement upward along the demand for money curve and no shift of the curve. E) rightward shift in the demand for money curve.
In the long run all costs are variable costs. Why?
What will be an ideal response?
Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity
What happens in the market for sushi if the Surgeon General announces that a majority of the raw fish that is imported to make sushi contains high levels of toxic mercury? A) D decreases, S no change, P and Q decrease B) S decreases, D no change, P increases, Q decreases C) D no change, S increases, P decreases, Q decreases D) D and S decrease, P and Q decrease