Which of the following would qualify as an aggregate supply shock?
A. An unexpected reduction in consumer confidence
B. An anticipated tax cut
C. A seasonally expected increase in oil prices
D. An unexpected increase in oil prices
Answer: D
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the total imports of cherries to the United States from other nations equals
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
If a positive externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to decrease B. demand needs to increase C. demand needs to decrease D. a and c E. none of the above
The big labels in the music industry, such as Sony, Time-Warner, and Universal, are churning out thousands of CD albums each year that compete against each other for your dollar. But, considering the CD industry only, they also compete against
a. records b. cassette tapes c. used CDs d. stereos e. used textbooks
Which of the following does NOT contribute to an increase in productivity?
A.) Technological advances. B.) High quality of capital. C.) High quantity of labor. D.) Highly skilled labor.