What are the five most important variables that shift the market supply curve?
What will be an ideal response?
Prices of inputs; Technological change; Prices of substitutes in production; The number of firms in the market; Expected future prices
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
If the United States places a limit on Chinese textile imports, this would be an example of
A. an embargo. B. a quota. C. a regulatory trade restriction. D. a tariff.
An outcome is Pareto efficient if:
A) an individual can be made better off without making someone else worse off. B) benefits of the outcome are equally distributed among all the participants. C) no individual can be made better off without making someone else worse off. D) costs of the outcome are equally shared by all the participants.
In 1991, the European Union began the process of forming the
A. first international trade agreement in the world. B. largest free-trade zone in the world. C. only continental military force in the world. D. first unified currency in the world.