An increase in the availability of an important major resource such as oil shifts the:
a) aggregate-supply curve to the left.
b) aggregate-demand curve to the left.
c) aggregate-supply curve to the right.
d) aggregate-demand curve to the right.
Ans: c) aggregate-supply curve to the right.
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If a price ceiling is set above the equilibrium price in a market
A. rationing will be necessary. B. the quantity supplied will equal the quantity demanded. C. the quantity demanded will exceed the quantity supplied. D. surpluses of the commodity will develop.
Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in quantity demanded are represented by a movement from
A) point a to point b. B) point a to point c. C) point c to point d. D) point d to point b.
Consumption expenditure is the payment by households for consumption of
A) goods but not services. B) services but not goods. C) goods and services. D) services and for saving.
Using T-accounts show what happens to reserves at Security National Bank if one individual deposits $1000 in cash into her checking account and another individual withdraws $750 in cash from her checking account
What will be an ideal response?