If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices.
B. lower level of output and prices.
C. higher level of output and prices.
D. lower level of output at higher prices.
Answer: A
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a. each factor is paid what it deserves. b. the owner of each factor is paid the amount that the factor contributes to earnings. c. each factor's income depends on how hard it works. d. each factor receives an equal share of the revenue from production.
In economics, a public good:
A.) Is any good produced by the government. B.) Has social costs that are lower than private costs. C.) Is provided in an optimal amount by the market. D.) Cannot be denied to consumers who do not pay.
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A. Carpenter B. Police officer C. Automobile assembly line worker D. Roofer
A detailed history of business cycles is known as a
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