An increase in demand for housing will reduce the availability of land for cultivation
a. True
b. False
Indicate whether the statement is true or false
True
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When a worker has a rare skill or talent, supply in that labor market:
A. is low. B. is high. C. depends on the other factors of production. D. depends on the output produced.
The aggregate supply curve:
a. shows the level of real GDP produced in the economy at different possible price levels during a period of time. b. is horizontal in the Keynesian range. c. is vertical in the classical range. d. all of these.
If Alex seeks to maintain a constant income level, and all workers in his industry, including Alex, get a wage increase, which of the following will always be true?
A. The substitution effect of the wage increase leads to less work B. The market supply of labor curve will be backward bending for Alex's type of work C. The income effect of the raise causes Alex to work more D. Alex will have a backward bending supply curve for his labor
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A