E2 Which of the following is true when the equilibrium price of wheat in the worldmarket is higher than the equilibrium price of wheat in the domestic market?the domestic market will export wheatthe domestic market will import wheatthe domestic market will not export or import wheatWhat effect would a decrease in taxes, combined with an increase in imports, have on aggregate demand (AD)O AD would increaseAD would stay the sameAD could either increase or decrease, depending on which change was of a greater magnitudeAD would decrease. Which of the following statements about automatic stabilizers in Canada is the most accurate?They are the responsibility of the provinces since they, unlike the federal government, do not face lag problemsThey are controlled by the Bank of Canada to help manage the business cycleThey are able to completely elimınate all the lag problems associated with fiscal policy.They are changes in government transfer payments and tax revenues that vary automatically and inversely tobusiness cycle changesWhich of the following statements best illustrates a correct shift of the short-run aggregate supply curve?The short-run aggregate supply curve is shifted rightward by an increase in the price of any input, and it isshifted leftward by a decrease.The short-run aggregate supply curve is shifted nghtward by a technological breakthrough that increases theproductivity of the labour force.The short-run aggregate supply curve is shifted leftward by a decrease in the price of any input, and it is shiftedrightward by an increase.The short-run aggregate supply curve is shifted leftward by an increase of skilled workers in the labour force.

An open economy has the opportunity to sell additional output in the international market or to buy…

Which of the following is true when the equilibrium price of wheat in the world market is higher than the equilibrium price of wheat in the domestic market? O the domestic market will export wheat the domestic market will import wheat O the domestic market will not export or import wheat What effect would a decrease in taxes, combined with an increase in imports, have on agpregte demand (AD) AD would increase AD would stay the same AD could either increase or decrease, depending on which change was of a greater magnitude O AD would decrease.

Which of the following is true when the equilibrium price of wheat in the world market is higher than the equilibrium price of wheat in the domestic market? O the domestic market will export wheat the domestic market will import wheat O the domestic market will not export or import wheat What effect would a decrease in taxes, combined with an increase in imports, have on agpregte demand (AD) AD would increase AD would stay the same AD could either increase or decrease, depending on which change was of a greater magnitude O AD would decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Which of the following is true when the equilibrium price of wheat in the world
market is higher than the equilibrium price of wheat in the domestic market?
the domestic market will export wheat
the domestic market will import wheat
the domestic market will not export or import wheat
What effect would a decrease in taxes, combined with an increase in imports, have on aggregate demand (AD)
O AD would increase
AD would stay the same
AD could either increase or decrease, depending on which change was of a greater magnitude
AD would decrease.

Which of the following statements about automatic stabilizers in Canada is the most accurate?
They are the responsibility of the provinces since they, unlike the federal government, do not face lag problems
They are controlled by the Bank of Canada to help manage the business cycle
They are able to completely elimınate all the lag problems associated with fiscal policy.
They are changes in government transfer payments and tax revenues that vary automatically and inversely to
business cycle changes
Which of the following statements best illustrates a correct shift of the short-run aggregate supply curve?
The short-run aggregate supply curve is shifted rightward by an increase in the price of any input, and it is
shifted leftward by a decrease.
The short-run aggregate supply curve is shifted nghtward by a technological breakthrough that increases the
productivity of the labour force.
The short-run aggregate supply curve is shifted leftward by a decrease in the price of any input, and it is shifted
rightward by an increase.
The short-run aggregate supply curve is shifted leftward by an increase of skilled workers in the labour force.

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