In the short run, marginal cost is increasing when
A) MPL is decreasing.
B) MPL is increasing.
C) APL is increasing.
D) APL is decreasing.
A
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If policymakers decrease aggregate demand, then in the short run the price level
a. falls and unemployment rises. b. and unemployment fall. c. and unemployment rise. d. rises and unemployment falls.
Suppose farmers agree to reduce their supply of foodstuffs. The most likely reason they would want to do this is they believe that less supply
A) means higher prices and higher total revenue. B) means consumers will buy more of what they have to sell. C) translates into higher-quality foodstuffs and that the higher the quality of the foodstuffs they sell, the higher the prices for what they sell. D) will get Congress to favor them with agriculture subsidies. E) will get Congress to decrease their taxes.
The discovery of new natural resources will cause
A) the economy to move closer to the production possibilities curve. B) the production possibilities curve to shift up and to the right. C) an upward movement along the curve. D) the curve to shift back and to the left.
If other factors are held constant, an increase in the price level
A. induces people to spend their money faster. B. causes the real value of the money to increase. C. causes desired net export spending to rise. D. causes desired net export spending to fall.