Consider the market for turkeys. In the United States, because of Thanksgiving in the month of November,
A) there is a downward movement along the demand curve for turkeys.
B) there is an upward movement along the supply curve for turkeys.
C) the supply curve of turkeys shifts leftward.
D) the demand curve for turkeys shifts leftward.
E) neither the demand curve nor the supply curve shift; instead there is a movement along both curves.
B
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Many people perceive erroneously that most macroeconomists spend a lot of time engaged in
A) forecasting. B) macroeconomic research. C) macroeconomic analysis. D) data development.
A firm that has negative economic profits has accounting profits that are
A) zero. B) positive. C) negative. D) indeterminate without more information.
If an employer begins to pay higher wages to white workers, then in the short run
a. wages for white workers would fall b. wages for nonwhite workers would rise c. profits would rise as nonwhite workers leave the firm d. output will increase and prices will fall e. profits would fall as nonwhite workers leave the firm