Refer to Figure 28-9. A supply shock, such as rising oil prices, would be depicted as a movement from
A) C to E to B. B) C to D to A. C) C to B to A. D) A to B to C. E) A to D to C.
E
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The table above represents five points on the production possibility frontier for the small country of Baca, which produces only rugs (measured in thousands) and wheat (measured in thousands of bushels): Does the production possibility frontier
demonstrate the law of increasing opportunity cost? How can you tell?
Which of the following would cause the investment demand curve to shift?
a. Animal spirits (expectations). b. Technological change. c. Change in business taxes. d. All of these.
If the absolute value of the price elasticity of demand for tickets to a football game is 2, then if the price increases by 1 percent, quantity demanded decreases by:
A. 4 percent. B. 0.5 percent. C. 1 percent. D. 2 percent.
Right-to-work laws
a. guarantee workers the right to form unions. b. give workers in a unionized firm the right to choose whether to join the union. c. prevent employers from hiring permanent replacements for workers who are on strike. d. prevent workers from being fired because of increases in wages brought about by collective bargaining.