The supply curve for milk
a. shifts when the price of milk changes because the price of milk is measured on the vertical axis of the graph.
b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph.
c. does not shift when the price of milk changes because the price of milk is measured on the horizontal axis of the graph.
d. shifts when the price of milk changes because the quantity supplied of milk is measured on the horizontal axis of the graph.
b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph.
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Discretionary monetary policy has the drawback that it
A) must lead to very high inflation. B) is currently illegal in the United States. C) makes inflation expectations harder to manage. D) cannot be implemented using changes in the federal funds rate. E) None of the above answers is correct.
A monopsonist's marginal factor cost (MFC) curve lies above its supply curve because the firm must:
a. lower the factor price to hire more. b. increase the price of its product to sell more. c. increase the factor price to hire more. d. lower the product price to sell more.
Income inequality is
A. Not an issue in the United States because of the progressive federal tax system. B. Often greatest in the poorest countries such as Namibia and Botswana. C. A global issue because the poorest tenth of the population gets 20-30 percent of total income. D. Not an issue for wealthy countries such as the United States and Germany.
Which of the following is a long-run adjustment?
A) A restaurant hires a new chef. B) A company relocate to a new headquarter in another city. C) A bank hires a new CEO. D) A company hires ten new management trainees.