When economists say the supply of a product has increased, they mean the
a. supply curve has shifted to the right.
b. price of the product has risen, and consequently, suppliers are producing more of it.
c. supply curve has shifted to the left.
d. amount of the product that consumers are willing to purchase at various prices has increased.
A
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With price on the vertical axis and quantity on the horizontal axis, economists would draw an increase in supply as
A) a leftward shift in the supply curve. B) a rightward shift in the supply curve. C) a vertical supply curve. D) any which way we like.
Refer to Table 8-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $2,100. C) $1,600. D) $1,400.
Which of the following is not correct?
a. By saving a larger portion of its GDP, a country can raise its output per worker. b. Savers supply their money to the financial system with the expectation that they will get it back with a return at a later date. c. Financial intermediaries are the only type of financial institution. d. The financial system helps match people's saving with other people's borrowing.
Outsourcing leads to
A. Increases in total output, but with permanent job losses for some domestic workers. B. Decreases in total output, along with permanent job losses for some domestic workers. C. Decreases in total output, but with no changes in the number of domestic jobs available. D. Increases in total output, but with temporary job losses for some domestic workers.