In 2015, the price of peanuts was rising, which lead peanut butter buyers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase
B) an increase in supply of peanut butter; a decrease; an increase
C) a decrease in demand for peanut butter; a decrease; a decrease
D) a decrease in supply of peanut butter; an increase; a decrease
A
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Cost-push inflation is due to:
a. labor cost increases. b. energy cost increases. c. raw material cost increases. d. all of these.
A barter economy is one in which
a. money serves as a medium of exchange. b. only precious metals are accepted as money. c. goods are traded directly for other goods. d. paper money is backed by gold.
Which of the following causes the aggregate supply curve to shift to the left, ceteris paribus?
A. An increase in the cost of labor B. A decrease in the money supply C. An increase in government spending on goods D. A decrease in interest rates
In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of:
A. scarcity and opportunity costs. B. money and real capital. C. complementary economic goals. D. full production.