The AS curve shifts leftward if
A) good weather increases agricultural harvests.
B) OPEC reduces world oil prices.
C) tax cuts stimulate labor supply.
D) the money wage rate increases.
E) government expenditure increases.
D
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To be considered officially unemployed, a person must be at least 16 years old
A) and be a discouraged worker. B) and not working. C) and not in school and not working. D) and not working but is actively seeking employment.
To be able to price discriminate, a firm must
A) lower prices for all customers. B) raise prices for all customers. C) be able to identify and separate different types of buyers. D) sell a product that can be resold. E) Both answers B and C are correct.
A probable outcome of a decrease in aggregate demand and the subsequent cutback in production is
a. frictional unemployment b. cyclical unemployment c. cost-push unemployment d. structural unemployment e. transitory unemployment
At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value
A) surplus; downward B) surplus; upward C) shortage; downward D) shortage; upward