What cause Production possibilities curve to shift?
What will be an ideal response?
1- increase in the number of resources
2- increase in technology
3- more favorable laws, incentives
4- reduce leisure time (increase work)
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The labor demand curve is downward sloping because as the real wage ________ the amount of labor hired ________
A) falls; decreases B) falls; increases C) rises; remains constant D) rises; increases
Which of the following inputs can be changed in the short run?
A) Machinery B) Land owned C) Office Space D) Labor employed
Which of the following explains why the demand for money curve has an inverse relationship between the interest rates and the quantity of money demanded?
A. As the interest rate rises, the opportunity cost of holding money rises, and people respond by converting cash or checking account balances into interest-bearing financial investments. B. As the interest rate rises, people find it advantageous to borrow money, which increases the quantity of money demanded. C. As the interest rate falls, the opportunity cost of holding money rises, and people respond by converting cash or checking account balances into interest-bearing financial investments. D. As the interest rate rises, the demand for money curve shifts outward to the right.
During the Iraq War, many of Iraq's oil refineries were destroyed. This would best be represented by a
A. movement up Iraq's production possibility frontier. B. shift of Iraq's production possibility frontier toward the origin. C. movement down Iraq's production possibility frontier. D. movement off Iraq's production possibility frontier to some point inside the frontier.