According to the law of supply, when the price of computer microprocessors rises Question 13 options:
A. the quantity of microprocessors produced increases.
B. the number of sellers of microprocessors increases.
C. the supply of microprocessors increases.
D. the quantity of microprocessors produced decreases.
E. computers become cheaper to purchase.
A. the quantity of microprocessors produced increases.
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
Which of the following transactions takes place in factor markets?
A) Henry receives a commission from his employer for selling a new automobile. B) Jake purchases 1,000 shares of stock in the Wal-Mart Corporation through his online trading account. C) Sam enters the winning bid on a grand piano at a local auction. D) Justin receives $30 in exchange for mowing his neighbor's lawn. E) Lucille receives a $500 check from the U.S. Social Security Administration.
When are black markets likely to arise?
A) when the government removes a price floor B) when the government enforces a price ceiling C) when there is a surplus of a good D) when the quantity supplied of a good exceeds the quantity demanded
Deficits and debt are often measured relative to GDP because:
A. the growth in GDP depends on the debt. B. the government's ability to repay the debt depends on GDP. C. this method always makes them appear smaller. D. this method always makes them appear larger.