Which of the following does NOT shift the supply curve?
A) a technological advance
B) a decrease in the wages of labor used in production of the good
C) a fall in the price of a substitute in production
D) an increase in the price of the good
D
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According to the graph shown, if a firm is producing at Q3:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs exceed the market price.
C. the firm should expand production.
D. marginal revenue is greater than marginal cost.
In the following index, which year is most likely to be the base period: 2003 = 123.3; 2004 = 145.3; 2005 = 111.4; 2006 = 100; 2007 = 94.3?
a. 2003 b. 2004 c. 2005 d. 2006 e. 2007
Many economists describe the 2007-2009 period in the United States as being a condition of a(n)
a. deflationary gap. b. recessionary gap. c. inflationary gap. d. reflationary gap.
Which of the following statements about leading economic indicators is true?
a. They foreshadow turning points in the business cycle. b. Most people refer to them before making any important spending decision. c. They indicate when an economy is in a recession or an expansion.? d. They are the only economic indicators available to economists.? e. They can predict precisely when turning points in an economy will occur.?