Use the figure below to answer the following question.
A movement along the supply schedule from point x to point y depicts
A. a decrease in supply.
B. an increase in quantity supplied.
C. a decrease in quantity supplied.
D. an increase in supply.
Answer: C
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In the simple circular flow model
A) businesses buy labor services from households, but supply other factors of production themselves. B) households spend their entire income on consumer products. C) profits are a type of income that is not received by households. D) households spend the income they receive from labor services but save the income they receive from selling the other factors of production.
The merchandise trade balance of a country equals the value of exported goods minus the value of imported goods
Indicate whether the statement is true or false
How are interest rates determined in the Keynesian model?
A. money supply, interest rates, government spending, supply, price and output B. money supply, interest rates, investment, demand, price and output C. money supply, savings, consumption, demand, price and output
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.