Increases in the availability of natural resources will affect the aggregate supply curve such that it
a. shifts inward and becomes flatter.
b. shifts inward.
c. shifts outward.
d. becomes flatter.
e. becomes steeper.
c
You might also like to view...
Personal income less personal taxes is called:
A) personal disposable income. B) national income. C) compensation of employees. D) savings.
If the economy grows steadily over several years and at the same time maintains the aggregate demand curve in its present position, then the economy will experience which of the following?
A. a stable price level B. secular deflation C. inflation D. The price level cannot be determined without more information.
A perfectly competitive firm is producing zero units of output in the short run. We know that price is
A. below the minimum point of its average fixed cost curve. B. between the minimum points of its average total cost curve. C. below the minimum point of its average variable cost curve. D. below the minimum point of its average total cost curve.
Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000
What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $5,500 B) $8,500 C) $11,500 D) $14,500