The government just approved a bill allocating twenty million dollars to hire teachers specifically to work with students in low-income neighborhoods. This action answered which basic economic question?
a. Who will get the goods and services?
b. How will the goods and services be produced?
c. What is the best method of production?
d. What goods and services will be produced?
a. Who will get the goods and services?
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Which of the following chain of events occurs when a tariff is imposed on a good?
A) Domestic prices fall, shifting the demand curve rightward, and consumers buy more of the good. B) Domestic prices fall, decreasing the domestic quantity supplied and increasing the quantity demanded. C) Domestic prices rise, shifting the domestic supply curve rightward. D) Domestic prices rise, shifting the demand curve leftward and the domestic supply curve rightward. E) Domestic prices rise, decreasing the quantity demanded and increasing the domestic quantity supplied.
Refer to Figure 13-1. Ceteris paribus, a decrease in firms' expectations of the future profitability of investment spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.