If the price level falls, what will happen to the aggregate supply curve?
a. It will shift outward.
b. It will shift inward.
c. Nothing.
d. It will get steeper.
e. It will get flatter.
c
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When individuals are debating whether to supply labor, they think about all of the following except:
A. the cost in terms of forgone leisure. B. the benefit of more income for each hour worked. C. whether the benefits outweigh the costs. D. the level of profits they bring to the firm.
The mechanism of supply and demand is
a. a fundamental tool in both microeconomics and macroeconomics. b. the only real "law" of economics. c. a fundamental tool only in microeconomics. d. a fundamental tool only in macroeconomics.
How does a voting structure that relies on unanimity for an action guarantee that no one will be adversely affected? Why isn't this type of decision making used more frequently?
Which of the following can the government not use directly to control the economy?
a) Pay rates within the private sector b) Pay rates in the public sector c) Investment in state education d) Benefits available for the unemployed and sick