With price on the vertical axis and quantity on the horizontal axis, economists would draw an increase in supply as
A) a leftward shift in the supply curve.
B) a rightward shift in the supply curve.
C) a vertical supply curve.
D) any which way we like.
B
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If the price level should increase in the near term due to decreases in the short-run aggregate supply, the result would be
A) demand-pull inflation. B) demand-pull recession. C) cost-push inflation. D) cost-pull expansion.
The economy's long run aggregate supply curve
a. is horizontal, indicating that the economy always reaches full employment in the long run. b. is vertical at the full-employment level of output, indicating that the price level is constant in the long run. c. is horizontal, indicating that prices are constant in the long run. d. is vertical at the full-employment level of output, indicating that the economy always reaches full employment in the long run. e. is vertical at the zero budget deficit level of output.
It is efficient to increase the output of computers if
a. society considers the extra computers more valuable than other goods foregone to produce the computers. b. the opportunity cost of more computers is greater than their marginal utility. c. computer production can be increased only if production of other goods is decreased. d. the price of the computers is equal to their average cost.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this were depicting an autarky, the amount being bought domestically is:
A. 60 at $10 each. B. 115 at $14 each. C. 60 at $17 each. D. 150 at $10 each.