Which of the following is the least likely to result from an advance in technology?
A. suppliers offering a larger quantity than before at each given price.
B. suppliers offering the same quantity as before at a lower price.
C. a leftward shift of the supply curve.
D. an increase in supply.
Answer: C
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When a nation prints money (rather than taxing directly) to finance its government spending, it results in inflation, and purchasing power of the private sector falls. This is known as:
A) benchmarking. B) indirect taxation. C) seigniorage. D) creeping inflation.
Economists assume that rational people
A) never use all available information as they act to achieve their goals. B) respond to economic incentives. C) undertake activities that benefit others and hurt themselves. D) only weigh the benefits and costs of the most desirable alternative actions.