Which of the following will most likely cause an increase in the aggregate supply curve?
a. a reduction in the general level of prices
b. an increase in the general level of prices
c. an improvement in technology that substantially reduces the cost of generating energy
d. an increase in taxes that makes it more expensive for Americans to import crude oil
c
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Game theory is important for the understanding of
a. competitive markets. b. monopolies. c. oligopolies. d. all market structures.
With productive efficiency:
a. There is production of that particular mix of goods and services most wanted by society b. The available supplies of factors of production are variable in quantity and quality c. There is production of any particular mix of goods and services in the least costly way d. The state of technology, or methods used to produce output, constantly change
The parameters estimated using econometric methods are generally used for _____ or _____.
a. testing hypotheses; predicting b. validation; repudiation c. confirming; denying effects of policy d. generating data; probability distributions
The "law of demand" implies that
A. as prices rise, quantity demanded increases. B. as prices rise, demand increases. C. as prices fall, quantity demanded increases. D. as prices fall, demand increases.