Grapes can be used to produce wine or raisins. Which graph in Figure 4-6 best depicts the effects on the U.S. raisin market of a decline in purchases of domestic wine?
A. 1
B. 2
C. 3
D. 4
Answer: B
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Suppose an economy experiences a permanent increase in its expected inflation rate. As a result, there is
A) a downward shift of the short-run Phillips curve. B) a downward movement along the short-run Phillips curve. C) an upward movement along the short-run Phillips curve. D) no change at all to the short-run Phillips curve. E) an upward shift of the short-run Phillips curve.
Refer to the figure above. What is the equilibrium quantity of labor hired by the firm when the wage rate is $4 per hour?
A) 10 hours B) 20 hours C) 50 hours D) 70 hours
Which country has the highest level of income inequality?
a. Brazil b. Russia c. China d. India
Monetary and price instability will
a. make it easier for both individuals and businesses to plan wisely for the future. b. generate uncertainty, and encourage investors and businesses to move their activities to countries with a more stable monetary environment. c. encourage businesses to invest and expand their future output. d. encourage domestic citizens to increase their rate of saving.