A supply shock jolts the economy from one Phillips curve to another
Indicate whether the statement is true or false
F
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According to this Application, lower oil prices will ________ the prices of gasoline and heating oil which will ________ the amount of money that consumers have to spend
A) decrease; increase B) decrease; decrease C) increase; decrease D) increase; increase
A firm in a perfectly competitive market maximizes profits when it finds
A) the price at which total revenue minus total cost is the greatest. B) the quantity at which total revenue minus total cost is the greatest. C) the quantity at which total revenue equals total cost. D) the quantity at which total revenue is maximized.
Which of the following was not an objection raised by opponents of the Patient Protection and Affordable Care Act?
A. The revenue generated by the new taxes in the PPACA would be insufficient to cover costs of the program. B. The PPACA moves the United States closer to creating a national health insurance system with nonprice rationing of health care. C. The subsidies would lead to higher prices and increased consumption of health care. D. The percentage of health care spending coming directly out of consumers' pockets would increase.
________ choose(s) the quantities of goods and services to produce, while ________ choose(s) the quantities of goods and services to buy
A) Firms; only households B) Households; the government C) Households; firms D) Firms; households and the government E) The government; firms