What is the difference between an "increase in supply" and an "increase in quantity supplied"?
A) There is no difference between the two terms; they both refer to a movement along a given supply curve.
B) An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" means at any given price supply has increased.
C) There is no difference between the two terms; they both refer to a shift of the supply curve.
D) An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.
D
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The fiscal policy planner's job is made easier because full-employment GDP can be accurately measured
a. True b. False Indicate whether the statement is true or false
Refer to the figure above. The economy is currently at E. Which of the following is likely to happen if a recession hits the economy? Assume that wages are downwardly rigid
A) The labor market equilibrium will move from E to F. B) The labor market equilibrium will move from E to D. C) The labor market equilibrium will move from E to G. D) The labor market equilibrium will move from E to H.
The elasticity of demand is constant along a downward sloping straight-line demand curve
Indicate whether the statement is true or false
Common property often results in
A) a negative externality. B) a social benefit. C) a private cost. D) exclusive rights of ownership.