A recent drought in Napa Valley has reduced the number of wine grapes that have been produced. As a result, the equilibrium price of red wine ______, and the equilibrium quantity of red wine ______.

If Samsung Galaxy is an inferior good, an increase in consumers’ incomes…

A reduction in unemployment is illustrated by…

In the figure above, increasing income taxes on working families could result in a movement from ____ in the short run.

Each row represents a point on a country’s PPF. Point Bushels of Beans Bushels of Carrots A 0 50 B 10 45 C 20 35 D 30 20 E 40 0 What is the opportunity cost of one bushel of beans if the country moves from Point C to Point D?

Suppose than a technological innovation that improves only this nation’s ability to produce guns. Which of the following statements is true?

True or False: The terms “Extraordinary Monetary Policy” and “Quantitative Easing” refer to the extraordinarily large open-market purchases conducted by the Federal Reserve.

Automatic Fiscal Policy is often referred to the “automatic stabilizers,” because tax receipts ___, and spending on needs-tested programs ____ during a recessionary gap.

True or False: A shortage can be eliminated by falling prices.

When Congress passes a large series of tax cuts into law, it is conducting ____, and this is more desirable in the presence of a ____.