Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for women's clothing. An increase in the wage rate for seamstresses would be represented by a shift from
A) Demand 1 to Demand 2.
B) Demand 2 to Demand 1.
C) Supply 1 to Supply 2.
D) Supply 2 to Supply 1.
D
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A temporary decline in productivity would cause the IS curve to
A) shift up and to the right. B) shift down and to the left. C) remain unchanged. D) shift up and to the right only if people face borrowing constraints.
If a consumer borrows at an interest rate greater than the interest rate at which he or she can lend, then
A) banks cannot make a profit. B) the budget constraint has a kink at the endowment point. C) the consumer must be a lender. D) this makes no difference for consumer behavior.
If producers support proposed regulation of their industry, then
a. it is likely that consumers will benefit from the regulation b. it is likely that producers are looking out for the interests of the consumers c. it is likely that both producers and consumers will be adversely affected by the legislation d. it is possible that consumers will be adversely affected by the legislation e. it is likely that prices will fall
By the year 2035, the percentage of the U.S. population over 65 years old is expected to: a. increase substantially. b. increase minimally. c. decrease minimally
d. decrease substantially.