All of the following will cause a shift in the supply of portable power banks EXCEPT
A) a decrease in the prices of portable power banks.
B) an increase in the cost of producing portable power banks.
C) a per-unit government subsidy on the production of portable power banks.
D) a decrease in the number of portable power bank manufacturers.
Answer: A
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An increase in technology ________ potential GDP and ________ aggregate supply
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) does not change; does not change
The short-run aggregate supply curve shifts because of changes in all of the following EXCEPT
A) the capital stock. B) technological progress. C) money wage rates. D) the price level.
The government prefers an ad valorem tax to a specific tax that reduces the monopoly output by the same amount because
A) consumers are not harmed by the ad valorem tax. B) the monopoly prefers the ad valorem tax. C) consumers prefer the ad valorem tax. D) the ad valorem tax transfers more revenue from the monopoly to the government.
Answer each of the following questions assuming the economy is experiencing a negative output gap.
a. Is Inflation decreasing, increasing, or stable? b. Is actual output greater than or less than potential output? c. Is unemployment rising or falling? d. Is the Federal Reserve more likely to pursue expansionary or contractionary monetary policy? e. Is the economy likely experiencing an expansion or contradiction?