A higher price for oil shifts the # randomize
A. SAS curve leftward.
B. LAS curve leftward.
C. SAS curve rightward.
D. AD curve rightward.
Answer: A. SAS curve leftward.
You might also like to view...
Which price in Figure 4-21 is equilibrium?
A. P1 B. P2 C. P3 D. There is no equilibrium price in the diagram.
Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports. Which of the following counter-arguments is made by economists who oppose trade restrictions?
A) Trade restrictions have a limited impact because most Americans prefer domestic goods over imports. B) Consumers pay a high cost for jobs saved through trade restrictions. C) Trade restrictions benefit consumers in the short run but not in the long run. D) Statistics show that trade restrictions actually do not save jobs.
Exhibit 3-3 Demand curves
Which of the graphs in Exhibit 3-3 depicts the effect of a decrease in the price of domestic cars on the demand for foreign cars?
A. Graph A. B. Graph B. C. Graph C. D. Graph D.
In the early 1990s, Serbia, a developing country, experienced hyperinflation because its central bank increased the money supply too rapidly. Serbia's central bank most likely adopted this monetary policy because:
A. it didn't care about inflation. B. the Serbian government granted independence to the central bank. C. the Serbian government had no other way to finance its expenditures. D. it believed that its actions would not trigger inflation.