Producers are willing to offer greater quantities for sale at higher prices because
What will be an ideal response?
they have the incentive to pay the increasing opportunity cost of resources necessary to attract them from alternative uses
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If the dollar depreciates, the U.S. AD curve shifts _______________, the U.S. SRAS curve shifts __________________, and the price level will _________________________
A) rightward; leftward; increase B) rightward; leftward; decrease C) leftward; rightward; increase D) leftward; rightward; decrease
Who said: "Wealth has never been a sufficient source of honor in itself. It must be advertised and the normal medium is obtrusively expensive goods."
A. The theory would predict that people's consumption would be greater than their income until their mid to late 20s. B. A person who won a prize would spend at least 50 percent of their winnings in the first year. C. Consumption is greater than income when people reach old age. D. People gear their consumption to their expected earnings more than to their current income.