If the number of people with the skills necessary to perform a job increases, labor ________ shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: D
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In Figure 13.1, "the zero lower bound" is displayed at ________
A) point 1 B) point 2 C) D) the origin (intersection of the axes) E) none of the above
Suppose China can produce 200 TVs or 200 DVD players. South Korea can produce either 100 TVs or 200 DVD players. In terms of TV production, we can conclude that
A. China has an absolute advantage in TV production. B. China has a comparative advantage in TV production. C. South Korea has an absolute advantage in TV production. D. South Korea has a comparative advantage in TV production.
Which of the following causes average total cost to rise at high levels of output?
a. diminishing marginal product b. average fixed costs c. plant underutilization d. economies of scale
The Peruvian economy can be characterized by Equation 24.4.EQUATION 24.4:C = 400 + 0.6YdTaxes = 600Equilibrium Output = $4,000Refer to Equation 24.4. At equilibrium, government purchases in Peru is
A. 2,040. B. 1,560. C. 1,440. D. cannot be determined from the given information