Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government
b. tires purchased by an automobile manufacturer for installation on new cars
c. a new saw purchased by a carpenter
d. screwdrivers purchased by a homeowner for home repairs
e. aprons purchased by restaurant chefs
B
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Refer to the above figure. At a price of $6, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
If the economy is experiencing unemployment, then the most appropriate government policy would be to:
a. shift the aggregate demand curve by using a tax increase coupled with spending cuts. b. shift the aggregate demand curve by using a tax increase coupled with more spending. c. shift the aggregate demand curve by using a tax cut coupled with spending cuts. d. shift the aggregate demand curve by using a tax cut coupled with more spending. e. shift the aggregate supply curve by using a tax cut coupled with spending cuts.
Firms that operate in competitive product markets and choose to practice discrimination in hiring workers
a. will survive if they increase production and garner a larger market share. b. will eventually earn zero economic profits. c. will survive as long as they are willing to have a smaller market share. d. are likely to eventually go out of business.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.