If Blake can pick more cherries in one hour than Cody, then Blake has a comparative advantage in cherry picking
Indicate whether the statement is true or false
FALSE
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Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
When the economy experiences a permanent supply side shock that shifts the long-run aggregate supply to the right, the short run aggregate supply curve will:
A. begin by shifting left initially, and then be pulled right by the long-run aggregate supply over time. B. gradually shift right until it reaches long-run aggregate supply and the new long-run equilibrium. C. instantly shift left with the long-run aggregate supply to the new long-run equilibrium. D. None of these is true.
Which of the following will tend to occur when a surplus exists in a market?
A) supply will increase and demand will decrease until the surplus disappears. B) supply will decrease and demand will increase until the surplus disappears. C) the price will tend to rise over time. D) the price will tend to decrease over time.
The phenomenon whereby labor decreases in response to a decrease in the wage rate is called
a. the substitution effect. b. the scale effect. c. derived demand from a change in wage. d. the factor regressivity of labor.