When the amount supplied is greater at each price, there is a(n)
A. upward movement along the supply curve.
B. downward movement along the supply curve.
C. leftward shift in the supply curve.
D. rightward shift in the supply curve.
Answer: D
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Which of the following looks at the demand side of the market to explain some of the observed international trade patterns?
a. The theory of consumer preferences b. The factor abundance theory c. The product life cycle theory d. The Ricardian model e. The human skills approach
A primary reason for the use of implicit contracts in internal labor markets is to
A. reduce the training and recruitment expenses. B. establish long-term employment relationships. C. encourage employees to participate in decision making. D. reduce the costs associated with formalizing contracts.
If your taxable income rises from $27,000 to $47,000, and the taxes you pay rise from $15,000 to $20,000, your marginal tax rate is
A. 15 percent. B. 25 percent. C. 35 percent. D. 45 percent.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.