If the AD curve shifts from year to year and the AS curve does not, then the short run Phillips curve would be
A. downward sloping.
B. shifting to the right.
C. upward sloping.
D. shifting to the left.
Answer: A
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Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish is
A. negative. B. positive. C. zero. D. Any of the above is possible.
A tariff is
a. a tax on imports b. a legal limit on quantities of goods that can be imported c. a voluntary limit on quantities of goods that can be imported d. a quality restriction on imports e. a subsidy for exports
Markets that require workers with similar human capital:
A. vie for the same workers, who can interchange one type of employment for another. B. often have similar wages, because they employ similar workers. C. are more connected than others. D. All of these statements are true.
Assume Congress passes a new tax of $2.00 per pack on cigarettes. The effect on the supply curve is a(n):
a. decrease in supply. b. increase in supply. c. decrease in quantity supplied. d. increase in quantity supplied.