? A decrease in nominal incomes cause a:
A. ?rightward shift in the short-run aggregate supply curve.
B. ?leftward shift in the short-run aggregate supply curve.
C. ?rightward shift in the long-run aggregate supply curve.
D. ?leftward shift in the long-run aggregate supply curve.
Answer: A
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There is a surplus in a market for a product when
A. demand is less than supply. B. quantity demanded is less than quantity supplied. C. the current price is lower than the equilibrium price. D. quantity demanded is greater than quantity supplied.
Suppose the Fed buys $1 billion worth of bonds and the required reserve ratio is 10%. In the theoretical limit, the money supply could
A) decrease by $1 billion. B) increase by $1 billion. C) decrease by $10 billion. D) increase by $10 billion.
Which of the following statements is false?
A. In the case of a negative externality, the market equilibrium is inefficient. B. In the case of a negative externality, when a tax is set equal to the marginal external costs (MEC) efficiency can be achieved. C. In the case of a negative externality, when a tax is set that is greater than the marginal external costs (MEC) inefficiency will result. D. In the case of a positive externality, when a tax is set equal to the marginal external benefits (MEB) efficiency can be achieved.
As the wage rate rises, other things constant, perfectly competitive firms will employ
A) more workers. B) less capital. C) the same number of workers. D) fewer workers.