Factors that cause the short-run supply curve to change are factors that affect
A) demand.
B) fixed costs.
C) variable costs.
D) the market but not the individual firm.
Answer: C
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The C + I + G curve lies __________ the C + I + G + Xn curve.
Fill in the blank(s) with the appropriate word(s).
Countercyclical fiscal policy is designed to moderate the severity of the business cycle
Indicate whether the statement is true or false
The slope of the total production curve becomes:
A. steeper when marginal product increases, typically at low levels of input. B. steeper when marginal product decreases, typically at high levels of input. C. flatter when marginal product increases, typically at high levels of input. D. flatter when marginal product decreases, typically at low levels of input.
A 2009 Chevrolet model has more horsepower than the 2008 version and is included in the BLS basket of goods. BLS attempts to account for this change in the market basket by
a. dropping the good from the basket. b. substituting in a different vehicle with the same horsepower as the 2008 model. c. adjusting the share of the market basket allocated to transportation. d. adjusting the price of the good to account for the quality change.