Use the figure below to answer the following question.
The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from S1 to S3?
A. an increase in the number of corn farmers
B. expectations of lower apple prices in the future
C. a decrease in the price of apples in the market
D. expectations of higher apple prices in the future
Answer: D
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The transactions demand for money is related to money functioning as a
A) unit of accounting. B) store of value. C) medium of deferred payment. D) medium of exchange.
What is the government purchases multiplier if the tax rate is 0.2 and the marginal propensity to consume is 0.8? Assume the economy is closed
A) 2.78 B) 5 C) 6.25 D) 100
In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good
a. The population increases and productivity increases. b. Income increases and the price of inputs decrease. c. The number of firms in the market decreases and income increases. d. Consumer preference increases and the price of a complement decreases. e. The price of a substitute in consumption decreases and the price of a substitute in production decreases.
The principal author of the U.S. Constitution
a. Hamilton b. Washington c. Jefferson d. Madison e. None of the above