Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point C to Point B, there has been
A. a decrease in demand and a decrease in supply.
B. an increase in quantity demanded and an increase in quantity supplied.
C. an increase in demand and a decrease in supply.
D. an increase in demand and an increase in supply.
Answer: D
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Countries that have greater employment protection laws than other countries generally have ________ unemployment rates, with spells of unemployment tending to ________
A) lower; last longer B) lower; be shorter C) higher; last longer D) higher; be shorter
Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?
When Fitness Team leased a commercial building from Land Co., it meant ______.
a. Fitness Team can use the property for a certain period of time b. Fitness Team owns the property and can transfer possession c. Land Co. becomes a part owner of Fitness Team d. Land Co. gives up all ownership rights to the property
Which of the following statements best describes price flexibility in the economy?
A. Prices tend to be sticky in the short run and stuck in the long run. B. Prices tend to be just as sticky in the short run as in the long run. C. Prices tend to be sticky in the short run but become more flexible over time. D. Prices tend to be flexible in the short run but become more sticky over time.