In recent years, wireless cellular telephones have been replacing land-line phone service. This is an example of
a. economies of scale.
b. division of labor.
c. creative destruction.
d. entry barriers into a market.
C
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Suppose that the demand for oranges increases. Carefully explain how the rationing function of price will restore market equilibrium
What will be an ideal response?
When taxes increase, consumption
a. decreases as shown by a movement to the left along a given aggregate-demand curve.
b. decreases as shown by a shift of the aggregate demand curve to the left.
c. increases as shown by a movement to the right along a given aggregate-demand curve.
d. increases as shown by a shift of the aggregate demand curve to the right.
Depression and lost self-esteem are examples of the ________ costs of unemployment, while the lost income and tax revenue are examples of the ________ costs of unemployment.
A. psychological; economic B. economic; psychological C. economic; social D. social; psychological
Expansionary monetary policy results in a shift of the aggregate demand curve to the right. The effect of the monetary policy on the aggregate demand is:
A. direct from the money supply to the aggregate demand. B. indirect through the short-term and long-term interest rates. C. indirect through the government expenditures. D. direct from the money supply to the aggregate supply.