xplain how technology can shift the supply curve to the right.
What will be an ideal response?
Technological change can lower the firm’s costs of production through productivity advances. These changes allow the firm to spend less on inputs and produce the same level of output. Because the firm can now produce the good at a lower cost, it will supply more of the good at each and every price—the supply curve shifts to the right.
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Under a flexible-price monetary approach to the exchange rate
A) when the domestic money supply falls, the price level would eventually fall, increasing the interest rate. B) when the domestic money supply falls, the price level would fall right away, causing a reduction in the interest rate. C) when the domestic money supply falls, the price level would fall right away, causing an increase in the interest rate. D) when the domestic money supply falls, the price level would eventually fall, keeping the interest rate constant. E) when the domestic money supply falls, the price level would fall right away, keeping the interest rate constant.
Standardized goods and services refers to those that:
A. are interchangeable. B. have close substitutes. C. are unique. D. are regulated by the government.
Which of the following countries receives the largest share of U.S. exports?
a. Mexico b. Germany c. Japan d. Canada e. United Kingdom
The currency of the European Union, the euro, was established as part of the Bretton Woods agreements
a. True b. False Indicate whether the statement is true or false