Refer to Figure 18.2. A shift from AS2 to AS1 may result from
A. An increase in the reserve requirement.
B. A decrease in the money supply.
C. A decrease in government spending.
D. An increase in the minimum wage.
Answer: D
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Suppose that good X is on the horizontal axis and all other goods (measured in dollars) are on the vertical axis in the consumer-choice diagram. If the consumer gains $10 in income, then
a. the new budget line is parallel to and lies 10 units to the left of the old budget line. b. the budget line shifts up by 10 dollars, with no change in the slope. c. the vertical intercept of the budget line shifts up by $10, but the horizontal intercept remains unchanged. d. the slope of the budget line increases by 10 percent.
A ________ occurs when a country's exports exceed its imports
A) trade surplus B) budget surplus C) trade deficit D) fiscal deficit
Refer to Figure 10.1. When each player plays his or her dominant strategy, society is poorer and the payoffs are smaller by ________ units than if each player had played the strategy with the ideal outcome for both the individual players and for the
group as a whole. A) 6 B) 12 C) 18 D) 30
Which trade strategy have developing countries used to restrict imports of manufactured goods so that the domestic market is preserved for home producers?
A) international commodity agreement B) export promotion C) multilateral contract D) import substitution E) export subsidies