________: the condition where aggregate demand is equal aggregate supply
Fill in the blank(s) with correct word
General equilibrium
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Which of the following would most likely cause the movement from S 1 to S 2 ?
a. A much higher percentage of high school graduates seek jobs rather than go to
college.
b. There is an increasing trend among people in their fifties to retire early.
c. A well-publicized medical study motivates a large number of people to reduce their
work hours.
d. A country uses the profits from its nationalized oil industry to give an income subsidy
to all citizens.
The cross-price elasticity between good X and good Y is positive. Other things being equal, if the price of X rises:
A. quantity of Y demanded decreases. B. quantity of Y demanded increases. C. a consumer spends more on good Y than on good X. D. a consumer spends more on good X than on good Y.
A voluntary export restraint occurs when one country prevents a specific product from being imported from another country.
Answer the following statement true (T) or false (F)
All else held constant, if farmers receive a subsidy for their corn, then this would cause a
A. movement up along the current supply curve of corn. B. movement down along the current supply curve of corn. C. rightward shift in the current supply of corn. D. leftward shift in the current supply of corn.