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- If crude oil prices rise significantly, then heating oil prices will most likely: Decrease Increase Stay the sameexplain at least two reasons that, according to economic theory, might prevent business from changing prices more frequently.Recent data from the Bureau of Labor Statistics show that the average price level for consumers rose 5.4% over the past year. While some are expressing concern over rising inflation leading the economy to “overheat,” there is some evidence indicating that this is due to the reopening of the economy as producers adjust to rising demand for goods and services. Many of the goods with the largest price increases, like bacon or cars and trucks, cannot have their production ramped up as quickly as demand is increasing. Other industries are facing supply chain challenges, like shortages of truck drivers. These problems are most likely to be short term, so, as supply catches up with demand, we can expect to see prices return to normal. As evidence, after spiking to record highs in early summer, lumber prices have now fallen below their price at the start of the year. The reason for the dramatic price increase earlier in the year was a combination of reduced supply in 2019 and a surge in demand…
- If the price level falls, then the value of a dollar: A. Rises so people will buy more B. Rises so people will buy less C. Falls so people will buy more D. Falls so people will buy lessHow do you know that the equillibrium prices are lower, the quantities produced are higher and the profits produced are lower in the merged scenarioIf the price level were to rise from 160 to 200, in what direction and by how much would the value of a dollar change?
- The short-run quantity of output supplied by firms will exceed the natural level of output when the actual price level ———-that people expected.Which of the following is likely to occur if an increase in legal immigrants significantly reduces the wages of workers, ceteris paribus? A. Aggregate supply will decrease (shift left). B. Aggregate supply will increase (shift right). C. Aggregate demand will increase (shift right). D. Aggregate demand will decrease (shift left).In the short run, the quantity of output supplied by firms can deviate from the natural level of output if the actual price level deviates from the expected price level in the economy. A number of theories explain reasons why this might happen. For example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. Consider a soybean farmer who expects a price level of 100 in the coming year. If the actual price level turns out to be 90, soybean prices will (decrease/not change/increase) , and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by (raising/lowering) the quantity of soybeans supplied. If other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to (fall short of/exceed) the…
- Which of the following is NOT true regarding competitive markets? Group of answer choices B. Governments try to minimise the role of state-owned enterprises in market economies. C. Regulations that promote free domestic markets also tend to promote globalisation. D. Antitrust laws must be eliminated if competitive markets are to be sustained. E. Antitrust laws interfere with the natural growth of successful businesses. A. Successfully globalised economies strive to attain competitive markets at home.What is the answer for these blanksexplain the expected impact on output, price level, and employment if new government regulations require firms to use a cleaner technology that is also less efficient than what they previously used?
