Since 1960, total federal tax revenue as a share of total output was the highest in the year _____

Which of the following shifts the entire consumption function upwards?

A) a decrease in the value of consumer durables B) an increase in consumer wealth C) a decrease in consumer confidence D) an increase in income

Assume the development of a new technology that allows widgets to be produced for less. Also, assume that widgets are a key input in the production of whatchamacallits. As a result of this new technology, what would an economist expect to happen in the market for whatchamacallits?

a. the demand curve will shift to the left b. the supply curve will shift to the left c. the demand curve will shift to the right d. the supply curve will shift to the right e. none of the above