If U.S. consumers increase their spending on electric cars by 10 percent, and 10 percent more electric cars are produced, this is known as the
A. majority rule.
B. proportional rule.
C. profit rule.
D. government rule.
Answer: B
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If in the market for oranges the supply has increased, then
A) the supply curve for oranges has shifted to the left. B) the supply curve for oranges has shifted to the right. C) there has been a movement upwards along the supply curve for oranges. D) there has been a movement downwards along the supply curve for oranges.
Refer to Figure 27-1. Suppose the economy is in a recession and expansionary fiscal policy is pursued. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) C to B. B) A to B. C) A to E. D) B to C. E) B to A.
A government policy that keeps the price of gasoline below its equilibrium level will increase consumer surplus.
Answer the following statement true (T) or false (F)
The demand for labor is
A) derived from the satisfaction that hiring the inputs provides the owner or manager of the firm more money. B) derived from the demand for the final product being produced. C) derived from a utility maximizing process similar to that used to derive the demand curve for goods and services. D) totally unrelated to the demand curve for the final product.