Which of the following shocks is most likely to cause an expansion?
a. An upward spike in oil prices.
b. An increase in autonomous consumption spending.
c. A significant decline in business equipment spending.
d. A sudden increase in the interest rate.
e. A significant decline in exports.
B
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Which would be considered to be one of the factors that shift the aggregate supply curve in the short run? A change in ________.
A. net exports B. personal income taxes C. government regulation D. consumer spending
Refer to Figure 7-3. If there was no quota, how many pounds of peanuts would be imported?
A) 16 million B) 28 million C) 30 million D) 40 million
What is meant by the term "economic efficiency"?
What will be an ideal response?
Suppose that the consumer price index at year-end 2010 was 180 and by year-end 2011 had risen to 189 . What was the inflation rate during 2011?
a. 4.8 percent b. 5 percent c. 6 percent d. 9 percent