In Figure 45.3, the fact that workers become more valuable to employers because of the training required for certification is shown by 
Figure 45.3
A. the shift in old supply curve.
B. the increase in the demand curve.
C. the kinked shape of the new supply curve.
D. the slope of the old demand curve.
Answer: B
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If people in Pottsville purchase 20 percent more pickles today than they did in 1980,even though the price of pickles has increased 40 percent since 1980, the demand for pickles in Pottsville
A) does not obey the law of demand. B) has changed since 1980. C) is relatively elastic. D) is relatively inelastic. E) is unit elastic.
In the view of the new classical economists, an increase in the money stock will affect real output and employment only if the increase in the money stock
a. was caused by an aggregate supply shock. b. is accompanied by an expansionary fiscal policy shift. c. was anticipated. d. was unanticipated.
Briefly describe the potential negative effects of increasing government purchases rather than decreasing taxes during a recession.
What will be an ideal response?
A perfectly competitive firm is currently producing at a point where price is $10 and both marginal cost and average variable cost are $7. To maximize profit or minimize loss in the short run, this firm should:
a. ?shut down. b. ?increase its output. c. ?raise its price. d. ?reduce its output. e. ?lower its price.