When economists say the quantity supplied of a product has increased, they mean the
a. supply curve has shifted to the left.
b. supply curve has shifted to the right.
c. price of the product has risen, and consequently, suppliers are producing more of it.
d. price of the product has fallen, and consequently, suppliers are producing less of it.
C
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The major advantage of automatic stabilizers is that they
a. guarantee the federal budget will be balanced in a relatively short amount of time. b. institute countercyclical fiscal policy without the delays associated with legislative action. c. automatically produce surpluses during recessions and deficits during expansions. d. require discretionary actions on the part of Congress before they exert an impact on output and employment.
If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________
A) $20,000; $10,000 B) $40,000; $8,000 C) $30,000; $5,0000 D) $5,000; $40,000 E) a and c