Answer the following questions true (T) or false (F)
1. Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price.
2. A positive technological change will cause the supply of a good to increase.
3. An decrease in quantity supplied is represented by a leftward shift of the supply curve.
1. TRUE
2. TRUE
3. FALSE
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Of the groups listed below, which is most likely to lobby for protection?
A) workers in importing industries B) workers in exporting industries C) consumers of imported goods D) producers in exporting industries
Adverse selection:
A. is about actions and occurs after the parties have voluntarily entered into an agreement. B. is always present when moral hazard arises. C. relates to unobserved characteristics of people or goods and occurs before the parties have entered into an agreement. D. All of these statements are true.
An increase in the U.S. demand for foreign exchange will cause a(n)
a. increase in the price of foreign exchange, which is a depreciation of the U.S. dollar, making foreign goods cheaper to U.S. residents b. increase in the price of foreign exchange, which is a depreciation of the U.S. dollar, making foreign goods more expensive to U.S. residents c. decrease in the price of the U.S. dollar, which is an appreciation of the U.S. dollar d. increase in the price of foreign exchange, which is an appreciation of the U.S. dollar e. decrease in the price of foreign exchange, which is an appreciation of the U.S. dollar
The largest in-kind transfer received by the poor households in the U.S. is:
a. Old-Age, Survivors, and Disability Insurance. b. the Head Start special education program for poor children. c. Medicaid, which provides long-term medical care for the poor. d. the food stamp program, which distributes food coupons to poor households. e. Temporary Assistance for Needy Families.