A decrease in the availability of an important major resource such as oil shifts
a. aggregate supply right.
b. aggregate supply left.
c. aggregate demand right.
d. aggregate demand left.
b
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Which of the following types of workers is most likely to face seasonal unemployment?
a. carnival game operator b. police officer c. fast food worker d. costume designer
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
Under a gold standard,
A. with a balance of payments deficit, interest rates would fall and attract foreign capital. B. a deficit in the balance of payments increased a nation’s money supply automatically. C. all currencies were defined in terms of gold. D. when a nation had a deficit in its balance of payments, more gold was flowing in than was flowing out. E. All of the above are correct.
You participate in a taste test for a new protein supplement called "Kapow." You are given five consecutive one ounce vials of the supplement and after consuming each vial you are asked to note your reaction
You consume the first vial and your response is: "Hmmm, quite good!" After the second, you say, "Not bad at all." After the third, you note, "It's alright." and after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.