For typical goods, supply curves are
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
Answer: B
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Refer to the scenario above. Beth should use ________ to win this game
A) a mixed strategy B) forward induction C) backward induction D) her dominant strategy
The real balance effect (wealth effect), the interest rate effect, and the net exports effect all help to explain the:
a. decrease in supply in the loanable funds market. b. large federal budget deficit. c. increase in short-run aggregate supply. d. downward-sloping aggregate demand curve.
Inflation is a rise in the price level. If it is caused primarily by a decrease in aggregate supply, then we refer to it as
a. demand-push inflation b. cost-pull inflation c. demand-pull inflation d. cost-push inflation e. supply-push inflation
People of Moifo, a small island country, use oranges in exchange for various goods and services. If all the oranges are of uniform quality, which of the following is likely to cause a collapse of the orange currency in Moifo? a. Oranges cannot serve as a medium of exchange. b. Oranges cannot serve as a unit of account
c. Oranges cannot store value. d. Oranges are not grown in the territory of Moifo.