The increase in the price of a good that is another potential output for another good would (for the second good)
A. move its supply curve to the left.
B. cause a movement along the supply curve to a (lower price, lower quantity) point.
C. cause a movement along the supply curve to a (higher price, higher quantity) point.
D. move its supply curve to the right.
Answer: A
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The record of a country's transactions in goods, services, and assets with the rest of the world is its balance of trade.
Answer the following statement true (T) or false (F)
If the exchange rate of dollars for yuan is 6 yuan to $1, then the exchange rate of yuan for dollars is
A. 5 (6-1) dollars per yuan. B. -5 (1-6) dollars per yuan. C. .166 (1/6) dollars per yuan. D. not knowable from this data.
For firms that sell one product in a perfectly competitive market, average revenue is:
A. equal to marginal cost. B. equal to the market price. C. calculated by total output divided by total revenue. D. greater than market price.
Fiscal policy affects the economy
A. only in the short run. B. only in the long run. C. in both the short and long run. D. in neither the short nor the long run.