A leftward shift of a supply curve is called a(n):
A. decrease in quantity supplied.
B. increase in supply.
C. decrease in supply.
D. increase in quantity supplied.
Answer: C
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If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios) then it is probable that
A) free trade will not improve either both countries welfare. B) free trade will result in no trade taking place. C) free trade will result in each country exporting the good in which it enjoys comparative advantage. D) free trade will result in each country exporting the good in which it suffers the greatest comparative disadvantage. E) free trade will not affect the economic welfare of either country.
Evidence from the Great Recession suggests that the crowding out effect:
A. was minimal at that time. B. had a very detrimental effect on private savings. C. can be quite large in times of recession, and is reinforced with recent research from 2008. D. may hold, although the evidence is somewhat contradictory.
Suppose the market for nursing services in a local community is so dominated by a single community hospital that for all practical purposes it is considered a monopsony. Using the diagram below, answer the question. If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage and level of employment be?
a. W2 and E0 b. W0 and E2 c. W1 and E1 d. W0 and E1 e. W0 and E0
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2016 was ________ and to nominal GDP in 2016 was ________.
A. $90,000; $99,000 B. $80,000; $88,000 C. $80,000; $99,000 D. $80,000; $90,000