A temporary decrease in the price of oil would be considered a:
A. long-run supply shock.
B. demand shock.
C. short-run supply shock.
D. The changing price of oil would not affect any of these.
Answer: C
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In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage. B) the wage ceiling. C) the employment gap. D) the going wage.
According to the text, the most important of the five factors which give rise to monopoly is
A. economies of scale. B. patents. C. exclusive control over important inputs. D. network economies. E. government licenses.
Which of the following is considered a service in the calculation of GDP?
A. Manufacturing automobiles. B. Tax preparation. C. Constructing new homes. D. Manufacturing reclining chairs.
Refer to the information provided in Figure 26.5 below to answer the question(s) that follow.
Figure 26.5Refer to Figure 26.5. A decrease in the Z factors shifts the ________ to the ________.
A. IS curve; right B. Fed rule; left C. IS curve; left D. Fed rule; right