In the 1990s, Oprah Winfrey, the former national talk-show host, discouraged Americans from eating beef. She argued beef consumption could create major health problems, and, as a result, beef purchases and the price of beef fell substantially
Which of the following occurred? A) The supply curve of beef shifted to the left.
B) The demand curve for beef shifted to the left.
C) The supply curve of beef shifted to the right.
D) The demand curve for beef shifted to the right.
E) Neither the supply curve nor the demand curve for beef had changed.
B
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____ mean that the costs involved cannot be recouped for a considerable period of time.
A. Sunk costs B. Opportunity costs C. Overheads D. Restructuring costs
Both real GDP and price level in the U.S. exhibited a downward trend since 1929 . Real GDP in 2009 was ten times lower than in 1929, and the price level was nearly five times lower
Indicate whether the statement is true or false
Which of the following is an example of cyclical unemployment?
A. Qadir is employed in the summer as a lifeguard but cannot find a position in the winter B. Quincy left his job in Dallas to search for a new job in Idaho C. Quinlan worked as an engineer until he was laid off because of a decrease in aggregate demand D. Quinn has few job-related skills so she is never hired even though she continues to apply
Which of the following is an effect of a minimum wage law that establishes a wage floor above the current market clearing wage?
A. a decrease in the quantity of labor supplied B. surplus labor, or unemployment C. a decrease in the market clearing wage D. an increase in the supply of labor