Based on the information provided in the graph above, what would likely occur if milk were priced at $2 per gallon?
Economics BM Review

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Social Studies
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12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
there would be a shortage of 20 million gallons
2.
FLASHCARD QUESTION
Front
The gains from trade are due primarily to the fact that
Back
total world output increases when each country specializes.
3.
FLASHCARD QUESTION
Front
Free trade can result in growing trade imbalances between countries. Which occurs when a country exports more than it imports?
Back
Trade surplus
4.
FLASHCARD QUESTION
Front
What are some possible reasons why the production possibilities curve might shift from the original curve (BB) to the new curve (BD)?
Back
New technology for consumer goods
5.
FLASHCARD QUESTION
Front
If government fiscal policy is intended to stop spiraling inflation rates, which action would Congress be MOST likely to take?
Back
Decrease government spending or increase taxes
6.
FLASHCARD QUESTION
Front
Through open market operations directed by the Federal Open Market Committee (FOMC), the Federal Reserve buys and sells government securities to influence the money supply. If the FOMC intends to increase the money supply in the economy, what would it recommend?
Back
Buy government bonds.
7.
FLASHCARD QUESTION
Front
When the determinants of supply change, there is a shift in supply. All things being equal, which of the following does NOT shift the supply of goods in the market? A change in input cost, An increase in number of consumers, An increase of taxes by the government, Changes in supply
Back
An increase in number of consumers
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