All of these cause a change in supply except

a. prices of inputs

b. expected future prices

c. extent of competition in the market

d. the current price of the product.

Which of the following is an example of variable costs for a business?

a.hourly wages.

b. cost ofbusiness licenses.

c. cost of purchasing a business vehicle.

d. rent.

Which of the following is NOT important in spurring faster economic growth?

a.Compulsory education.

b. Ownership of private property.

c.Population growth.

d.Lower taxes.

Allocative efficiency means that

a.Consumers get the most goods at the lowest prices possible.

b. Production reaches consumers on time.

c. A small number of sellers coordinate products and prices.

d. Government lowers taxes.

An expansionary fiscal policy is when

a. the government lowers spending and raises taxes.

b. the Federal Reserve buys bonds on the open market.

c. the government increases spending and lowers taxes.

d. The Federal Reserve sells bonds on the open market.