If oil prices decrease,
A) the short-run aggregate supply curve will shift down.
B) the long-run aggregate supply curve will shift to the left.
C) the short-run aggregate supply curve will shift up.
D) the long-run aggregate supply curve will shift to the right.
A
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Which of the following geographic regions is expected to experience the largest percentage increase in its population between 2003 and 2050?
(a) Asia and Oceania. (b) Latin America. (c) North America. (d) Africa.
The fact that there are too few resources to satisfy all our wants is attributed to
A. Lack of money. B. Shortages. C. Greed. D. Scarcity.
Which of the following could cause nominal GDP to increase next year, but real GDP to decrease?
A) The price level rises and the quantity of final goods and services produced rises. B) The price level rises and the quantity of final goods and services produced falls. C) The price level falls and the quantity of final goods and services produced rises. D) The price level falls and the quantity of final goods and services produced falls.
Most governments enforce patents, copyrights, and trademarks. While these are clear restrictions on free trade, it is believed that inventors and investors:
A. favor these restrictions since they promote inventive activities. B. prefer low prices to patents. C. prefer high tax rates to patents. D. generally oppose these restrictions as they encourage monopolistic competition.