? A decrease in nominal incomes cause a:
A. ?rightward shift in the short-run aggregate supply curve.
B. ?leftward shift in the short-run aggregate supply curve.
C. ?rightward shift in the long-run aggregate supply curve.
D. ?leftward shift in the long-run aggregate supply curve.
Answer: A
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As output increases, the ATC
a. increases. b. decreases. c. remains constant. d. falls and then rises.
If one day a terrible disease were to wipe out over one-half of the world's lime trees, which of the following would likely result?
A) The supply curve of lime juice would shift downward and to the right. B) The supply curve of lime juice would shift upward and to the left. C) The demand curve for lime juice would shift to the right. D) The demand curve for lime juice would shift to the left.
Suppose Joe has a reliable two-year old Honda Civic that's in excellent condition and that he would be willing to sell for $13,000. Lauren, who is risk-neutral, is considering whether to buy Joe's car. She's willing to pay $14,000 for a two-year Honda Civic that is reliable and only $10,000 for one that's not reliable. Lauren cannot tell whether Joe's car is reliable, but she believes that only 20 percent of two-year old Hondas for sale in the market are reliable and that the other 80 percent are not reliable. To Lauren, Joe's car looks just like every other two-year Honda that's for sale. What's the most Lauren is willing to pay for Joe's car?
A. $14,000 B. $13,000 C. $10,000 D. $10,800
The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing a car in Genovia is:
A. 5 tons of agricultural products. B. 500 tons of agricultural products. C. 50 tons of agricultural products. D. 5,000 tons of agricultural products.