Which of the following events would cause a shift to the right in the supply curve?
(A) The manufacturer lowers the price of its candy bars.
(B) The plant shuts down for several weeks because there's been a fire.
(C) A candy bar manufacturer raises the price of its candy bars.
(D) Upgrades to its mixing equipment allow the plant to make more bars.
Ans: (D) Upgrades to its mixing equipment allow the plant to make more bars.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
What reasons do governments often give to justify the decision to not allow price to ration goods?
What will be an ideal response?
Farmer McDonald sells wheat to a broker in Kansas City, Missouri. Because the market for wheat is generally considered to be competitive, Mr. McDonald maximizes his profit by choosing
a. to produce the quantity at which average variable cost is minimized. b. to produce the quantity at which average fixed cost is minimized. c. the quantity at which market price is equal to Mr. McDonald's marginal cost of production. d. the quantity at which market price exceeds Mr. McDonald's marginal cost of production by the greatest amount.
(The following national income data for an economy are in billions of dollars.)
Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
A.
1 through 7
B.
2 through 7
C.
8 through 11
D.
8 through 13