Use the following graph to answer the next question.
This perfectly competitive firm will not produce unless price is at least
A. $7.
B. $5.
C. $2.
D. $10.
Answer: B
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What could cause a decrease in the price level and simultaneously an increase in GDP similar to the 1920s in the United States?
A) a decrease in interest rates B) an increase in interest rates C) a decrease in consumer confidence D) an increase in productivity
Which of the following is a macroeconomic statement?
A) Real domestic output of seafood increased 12 percent from 2015 to 2016. B) The U.S. inflation rate was two percent in 2016. C) The price of cell phones decreased by 18 percent last year. D) Motorcycle manufacturer productivity decreased by three percent in 2016.
Compared to the previous 20 years, productivity growth in the United States increased between 1996 and 2014
Indicate whether the statement is true or false
Ceteris paribus, an increase in the supply of a good causes which of the following?
a. Lowers the equilibrium price, and reduces the quantity bought and sold. b. Raises the equilibrium price, and raises the quantity bought and sold. c. Raises the equilibrium price, and increases the quantity bought and sold. d. Lowers the equilibrium price, and increases the quantity bought and sold. e. Equilibrium price and equilibrium quantity change are indeterminate.