Refer to the above figure. Which panel represents what happens in the U.S. job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
A
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Which of the following statements about equilibrium is true?
a. The positive and the normative attributes of equilibrium are similar. b. The equilibrium price fails to redistribute goods in accordance to individual valuations. c. Equilibrium refers to a state of complete happiness or fairness. d. In equilibrium there are neither surpluses nor shortages.
Technological breakthroughs, such as the Internet, can be shown with a rightward shift of the aggregate supply curve.
Answer the following statement true (T) or false (F)
Which of the following changes will occur to the market for movie tickets when video streaming becomes less expensive and makes it easier to watch videos instantly?
A. The demand curve for movie tickets will shift out, causing the price to increase and the quantity to decrease. B. The demand curve for movie tickets will shift out, causing the price to increase and the quantity to increase. C. The demand curve for movie tickets will shift in, causing the price to decrease and the quantity to decrease. D. The demand curve for movie tickets will shift in, causing the price to decrease and the quantity to increase.
Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as:
A. the principle of opportunity cost. B. the marginal principle. C. the principle of voluntary exchange. D. the principle of diminishing returns.