A outward shift of the aggregate supply curve could be caused by
A. higher import prices.
B. lower import prices.
C. energy shortages.
D. rising wage rates.
Answer: B
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Before its IPO, Facebook was an example of a private firm. As a private firm, Facebook was
A) not subject to government regulations and taxation. B) not legally allowed to raise funds through venture capital firms. C) run by stockholders and a board of directors. D) run by its founder, Mark Zuckerberg.
Which of the following was an unintended consequence of the subsidies and mandated expansion in output of gasoline produced from corn-based ethanol?
a. higher food and grain prices. b. a reduction in the demand for battery powered automobiles because of the low prices of gasoline produced from ethanol. c. sharply lower prices for feed grains because of a reduction in the demand for corn. d. a substantial reduction in crude oil prices because of the low-cost production of gasoline from ethanol.
Answer the following questions true (T) or false (F)
1. In the long-run equilibrium, both the perfectly competitive firm and the monopolistically competitive firm produce the output at which MR=MC and charge a price equal to the average total cost of production. 2. Most economists believe that consumers would be better off if markets were perfectly competitive rather than monopolistically competitive. 3. An oligopolistic industry is characterized by a few large firms acting independently.
Foreign aid to the DVCs has been criticized:
A. because it may generate economic dependence on the IACs. B. because it encourages the centralization of government power over the economy. C. because government corruption in the DVCs causes aid to be misused. D. for all of these reasons.