Which of the following would not shift the supply curve?
A) A rise in the price of the good
B) A fall in the expected future price of the good
C) A rise in the costs of production of the good
D) A negative supply shock that destroys a portion of output
A
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Ham and eggs are complements. If the price of ham rises, the demand for eggs will
A) increase or decrease but the demand curve for ham will not change. B) decrease and the demand curve for ham will shift rightward. C) not change but there will be a movement along the demand curve for eggs. D) decrease and the demand curve for eggs will shift leftward.
The basic organizing framework for both microeconomic and macroeconomic models is
A. purely competitive markets. B. government planning of the economy. C. demand and supply. D. democratic socialism. E. All of these responses are correct.
Which of the following is false?
a. Once a country has a comparative advantage in producing a good, that comparative advantage will always continue. b. If you can mow the lawn at home faster than your younger brother, you have a comparative advantage over him in mowing the lawn. c. Restrictions on trade will reduce people's degree of specialization according to comparative advantage d. As practice at producing what you have a comparative advantage in makes you better at it, your comparative advantage would tend to increase.
If an inexpensive alternative to oil were found, the price of oil adjusted for inflation
a. would decline as the alternative would reduce the demand for oil. b. would decline as the alternative would reduce the supply of oil. c. would increase as the alternative would increase the demand for oil. d. would increase as the alternative would increase the supply of oil.