An increase in demand is shown graphically by
A. a shift of the demand curve to the right.
B. a movement up along the existing curve.
C. a shift of the demand curve to the left.
D. a movement down the existing curve.
Answer: A
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Tariffs ________ the domestic price of the good and import quotas ________ the domestic price of the good
A) lower; lower B) lower; raise C) raise; lower D) raise; raise
Economists who favor activist monetary policy argue that
A) the economy does not always equilibrate quickly enough at the Natural Real GDP or full-employment output and therefore needs help. B) activist monetary policy is effective at smoothing out the business cycle. C) activist monetary policy is flexible and flexibility is a desirable quality in monetary policy. D) a and b E) a, b and c
When quantity demanded equals quantity supplied,
A. there must be no government intervention in the market. B. the market is in equilibrium. C. the demand curve must be the same as the supply curve. D. all of the above
A firm will enter a competitive market when
A) it can gather market share at the expense of incumbent firms. B) it would not be the last firm entering. C) it can earn a positive long-run profit. D) the long-run supply curve is upward sloping.