Most economists believe that changes in the price level have
A) no effect on the quantity of output supplied in either the short run or the long run.
B) an effect on the quantity of output supplied in the short run, but not in the long run.
C) an effect on the quantity of output supplied in the long run, but not in the short run.
D) an effect on the quantity of output supplied in both the short run and the long run.
B
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An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:
a. price of substitute goods b. level of competitor advertising c. consumer income level d. consumer desires for goods and services e. a and b
Using a toll to reduce traffic when congestion is greatest is an example of a
a. regulation solution. b. command-and-control policy. c. corrective tax. d. Coase theorem solution.
The ________ is an international organization that sets rules of conduct for international commerce
A) International Trade Commission (ITC) B) World Trade Organization (WTO) C) International Trade Agreement (ITA) D) World Bank
If dairy farmers use automatic milking machines instead of milking by hand, which economic question does their decision answer?
a. What to produce? b. How to produce? c. For whom to produce? d. Who has a comparative advantage in milking? e. What is the price of milk?