Change in Supply
What will be an ideal response?
(1)A change in resource prices
(2)Change in technology
(3)Natural disasters and political disruptions
(4)Changes in tax systems
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The recession of 2007-2009 began in ________, with the end of the economic expansion that had begun in ________
A) July 2007; August 2006 B) January 2007; April 1984 C) December 2007; November 2001 D) March 2007; March 1995
Use the above figure. Last week Joe consumed combination "A" of goods "X" and "Y." This week he purchased combination "B." The reason for this change is that the
A. price of good X has decreased. B. price of good Y has decreased. C. price of good Y has increased. D. price of good X has increased.
The Clean Air Act of 1970, which was the command-and-control approach that the government used to reduce the amount of carbon monoxide produced by automobiles, was
A. unsuccessful in reducing the amount of carbon monoxide. B. very flexible in allowing polluters to respond in different ways. C. the least costly way to reduce the amount of carbon monoxide in the air. D. successful in dramatically cutting the amount of carbon monoxide in the air.
Refer to the information provided in Figure 27.1 below to answer the question(s) that follow.
Figure 27.1Refer to Figure 27.1. Suppose the economy is at Point A. A(n) ________ can cause a movement to Point E.
A. increase in aggregate demand B. decrease in aggregate demand C. decrease in the price level D. increase in the price level