Which is not a determinant of supply?
a. The existing state of technology used by the firm
b. The level of government taxes and subsidies
c. The cost of resources used in production
d. The market price of the good
d. The market price of the good
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A positive "price surprise" will result in a
A) leftward shift in the short-run SAS curve. B) leftward shift in the short-run AD curve. C) rightward shift in the short-run AD curve. D) rightward shift in the short-run SAS curve.
The benefits of a flat tax include all of the following exceptÂ
A. Simplicity. B. Elimination of exemptions for children. C. Only one tax bracket. D. No deductions or exemptions.
The principle of voluntary exchange is the concept that a voluntary exchange between two people makes both people better off.
Answer the following statement true (T) or false (F)
The period in the business cycle from a ________ to a ________ is called a recession.
A. peak; trough B. peak; new peak C. trough; new trough D. trough; peak