The law of supply is illustrated by a supply curve that is:
a. Vertical
b. Downward sloping
c. Upward sloping
d. Horizontal
c. Upward sloping
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Which of the following most accurately describes what occurs during a time of inflation?
A) People must work longer to live as well. B) Prices rise faster than incomes. C) The average standard of living declines. D) The cost of living increases. E) The purchasing power of money falls.
Minimum wage laws
a. may encourage some teenagers to drop out and take jobs. b. create labor shortages. c. have the greatest impact in the market for skilled labor. d. All of the above are correct.
Increased levels of consumption:
a) Shift aggregate supply outwards so more is supplied at each price b) Shift aggregate supply inwards so less is supplied at each price c) Shift aggregate demand outwards so more is demanded at each price d) Shift aggregate demand inwards so less is demanded at each price
Other things the same, according to purchasing-power parity, if over the next few years Mexico has a higher money supply growth rate than the U.S., then
a. prices in Mexico will rise by a larger percentage than in the U.S. So, the dollar will appreciate against the Mexican peso. b. prices in Mexico will rise by larger percentage than in the U.S. So, the dollar will depreciate against the Mexican peso. c. prices in Mexico will rise by a smaller percentage than in the U.S. So, the dollar will appreciate against the Mexican peso. d. prices in Mexico will rise by a smaller percentage than in the U.S. So, the dollar will depreciate against the Mexican peso.