Assume that Ford Motor Company engineers achieve a revolutionary technological breakthrough in the production process of automobiles. Which of the following is expected to take place?
a. A movement up along the existing supply curve for Ford automobiles
b. The supply of Ford automobiles will remain unchanged
c. An inward shift of the supply curve for Ford automobiles
d. A downward movement along an existing supply curve for Ford automobiles
e. An outward shift of the supply curve for Ford automobiles
e
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________, and the equilibrium price of gasoline ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) does not change; rises
An American buys a Japanese car, paying by writing a check on an account with a bank in New York. How would this be accounted for in the balance of payments?
A) current account, a Japanese good import B) current account, a U.S. good import C) financial account, a U.S. asset import D) financial account, a U.S. asset export E) a current account as a U.S. good import and a financial account, a U.S. asset export