Which of the following will NOT cause a shift in the supply of gasoline?
A) An increase in the wage rate of refinery workers
B) A decrease in the price of gasoline
C) An improvement in oil refining technology
D) A decrease in the price of crude oil
B
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A person's wealth is the same as his income
Indicate whether the statement is true or false
If the price of coffee decreases, the demand curve for tea (a substitute good) will:
a. remain unchanged. b. shift to the right. c. shift to the left. d. do none of these
Keynes argued that
a. irrational waves of pessimism cause decreases in aggregate demand and increases in unemployment. b. irrational waves of optimism cause decreases in aggregate demand and decreases in aggregate supply. c. changes in business and consumer expectations generally stabilize the economy. d. All of the above are correct.
When analyzing the impact of government consumption and taxes in an open economy, we exclude transfer payments because:
a. they are not paid for by taxes. b. in the aggregate, they do not generate a change in total spending on goods and services. c. the sums are so large as to be incalculable. d. the sums are so small as to be insignificant.