When quantity supplied decreases at every possible price, we know that the supply curve has
a. shifted to the left.
b. shifted to the right.
c. not shifted; rather, we have moved along the supply curve to a new point on the same curve.
d. not shifted; rather, the supply curve has become flatter.
a
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When the interest rate changes,
A) the demand curve for bonds shifts to the right. B) the demand curve for bonds shifts to the left. C) the supply curve for bonds shifts to the right. D) it is because either the demand or the supply curve has shifted.
The opportunity cost of going to college is best measured by the
a. cost of room and board b. cost of tuition c. cost of room and board plus tuition d. income forgone by not working, plus tuition e. income forgone by not working, plus tuition and room and board
Most economists have concluded that fair-trade practices:
A. distort market prices and wages in ways that encourage inefficient resource allocation. B. raise the overall demand for labor and wages in low-wage nations. C. increase overall labor productivity in low-wage nations. D. do all of these things.
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce something at a lower opportunity cost than others. C) prefer to do one particular activity. D) can produce more of something than others with the same resources.