An aggregate supply curve that slopes upward must be:
A. an individual industry's supply curve.
B. a long-run curve.
C. an individual firm's supply curve.
D. a short-run curve.
Answer: D
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A full-time student who is not working is categorized as
A) unemployed. B) employed. C) not in the labor force. D) frictionally unemployed. E) a discouraged worker.
Assuming MPC is 0.90, what effect, if any, would an increase of $100 billion of U.S. exports have on the U.S. level of national income?
a. No effect since the goods would be consumed abroad b. National income increases by $100 billion c. National income decreases by $100 billion d. National income increases by $1,000 billion e. National income decreases by $1,000 billion
According to Adam Smith's invisible hand principle, productive actions that promote the general welfare of society will be undertaken when
a. political representatives are elected democratically. b. competitive markets direct the actions of self-interested individuals. c. the selfish instincts of individuals are controlled. d. workers are able to organize and develop strong unions.
Suppose California and Wisconsin produce wine and cheese. Making a bottle of wine costs $3 in California, but $12 in Wisconsin. On the other hand, making a pound of cheese costs $4 in California, and $8 in Wisconsin. Under these conditions,
A. California should export wine and Wisconsin should export cheese. B. California should export cheese and Wisconsin should export wine. C. California should export both wine and cheese. D. the two states cannot gain from trade with each other until a third state starts to export bottle openers.