In 2014, the price of peanuts was rising, which led peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future Consequently, in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter.
A) a decrease in supply of peanut butter and an increase in demand for peanut butter; rise; an increase, decrease or possibly no change
B) a decrease in supply of peanut butter and a decrease in demand for peanut butter; rise, fall, or possibly no change; a decrease
C) an increase in supply of peanut butter and a decrease in demand for peanut butter; fall; an increase, decrease or possibly no change
D) a decrease in supply of peanut butter and an increase in demand for peanut butter; fall; an increase, decrease or possibly no change
A
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If the AD curve shifts rightward, then
A) both the price level and real GDP will decrease. B) both the price level and real GDP will increase. C) the price level will increase, but no change will occur in real GDP. D) the price level will not change, but real GDP will increase. E) potential GDP increases.
The textbook suggests that if the governments of poor countries genuinely want faster economic growth, they are making a serious mistake if they
What will be an ideal response?
The Clayton Act is an antitrust law that was passed to
A) outlaw monopolization. B) address loopholes in the Sherman Act. C) prohibit charging buyers different prices if the result would reduce competition. D) toughen restrictions on mergers by prohibiting mergers that reduce competition.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.