The aggregate demand curve will shift rightward when there is:
A. a decrease in government spending.
B. a decrease in incomes abroad.
C. a tax increase.
D. the expectation that future consumer income will rise.
Answer: D
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Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000 B) $30,000 C) $57,000 D) $0
If a firm faces an average total cost of $100 and sells its product for $115, how much profit does it make when it sells 20 units of the product?
A) $200 B) $115 C) $300 D) $800
If the public debt increased by the same amount each year during the past three years, then
A) the U.S. government must have operated with the same budget surpluses during the past three years. B) the U.S. government must have experienced budget surpluses that increased by the same amount each of the past three years. C) the U.S. Treasury must have issued securities to fund a flow of government spending that exceeded a flow of tax revenues by the same amount during each of the past three years. D) during each of the past three years, the U.S. Treasury must have bought back the same amount of securities that had previously been issued to cover deficits experienced more than three years ago.
Total cost divided by the number of units produced is called:
a. total cost b. average cost c. marginal cost d. variable cost