A decrease in supply is represented by a
a. movement downward and to the left along a supply curve.
b. movement upward and to the right along a supply curve.
c. rightward shift of a supply curve.
d. leftward shift of a supply curve.
d
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The unemployment rate will decrease when
A) people get discouraged and quit looking for work. B) the age of the labor force increases. C) the average workweek falls from 40 to 39 hours. D) the duration of unemployment increases.
When the government cuts taxes or increases government spending
A) the long-run aggregate supply curve shifts to the left. B) the short-run aggregate supply curve shifts to the left. C) the aggregate demand curve shifts to the left. D) the aggregate demand curve shifts to the right.
When the Federal Reserve buys U.S. government securities on the open market, it drives bond prices ____ and drives interest rates ____.
A. up; up B. down; down C. up; down D. down; up
Assume that Abby, Ben, and Clara are the only citizens in a community. A proposed public good has a total cost of $1000. All three citizens will share an equal portion of this cost in taxes. The benefit of the public good is $400 each to Abby, Ben, and Clara. In a majority vote, this proposal will most likely be:
A. Accepted; the public good is produced even though it is economically inefficient B. Defeated; the public good is not produced even though it would have been efficient to do so C. Accepted; the public good is produced which is economically efficient D. Defeated; the public good is not produced, which is the proper outcome