If interest rates increase, the government debt becomes:
A. more expensive to pay.
B. less expensive to pay.
C. more volatile.
D. less of a burden.
A. more expensive to pay.
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A person's consumption possibilities is defined by the budget line because
A) it marks the boundary between what is affordable and unaffordable. B) it represents the individual's preference for different combinations of goods. C) it marks the boundary between what can be produced and what is unattainable given the current state of technology and resources. D) all consumers must consume on their budget line.
The difference between the demand curve and the supply curve is that the demand curve shows ______, whereas the supply curve shows______.
a. the lowest price suppliers are willing to accept for a good or service; the highest price consumers are willing to pay for it b. the highest prices consumers are willing to pay for a good or service; the lowest prices suppliers require to provide it c. how increasing the price of a good increases its luxury status; how long it takes to bring goods to market d. how popular an item is regardless of its price; the available stock on hand at a given point in time
In which of the following ways is graph A different from graph B?
a. P1 to P2 is larger in graph B than in graph A.
b. Q1 to Q2 is larger in graph B than in graph A.
c. P1 to P2 is larger in graph A than in graph B.
d. Q1 to Q2 is larger in graph A than in graph B.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.