Which of the following would cause the short-run aggregate supply curve to shift to the right?
A. increases in government regulation
B. an increase in taxes
C. higher energy prices
D. retired workers reentering the labor force
Answer: D
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If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:
A. Greece should specialize in producing cheese. B. Italy should specialize in producing cheese. C. both Greece and Italy should produce cheese. D. Greece gives up fewer goods to produce cheese than Italy does.
If an economy produces 100 pencils and 100 pens, and pencils sell for twice as much as pens, ________.
A. nothing can be said about the relative importance of pens and pencils in the economy B. pencils are weighted as equally important in the economy as pens C. pencils are weighted as twice as important in the economy compared to pens D. pens are weighted as twice as important in the economy compared to pencils
Which of the following statements is true concerning the consumption function?
a. It slopes upward. b. Its slope equals the MPC. c. It represents the direct (positive) relationship between consumption spending and the level of real disposable income. d. If the consumption function lies above the 45-degree line then saving is positive. e. All of these.
Without trade, the consumption possibilities for two nations are:
A. outside their production possibilities curve. B. inside their production possibilities curve. C. along their production possibilities curve. D. at a point equal to the world production possibilities curve.