Identify the most likely impact of a decrease in the wealth of consumers in an economy, other things remaining constant
a. A leftward shift of the aggregate supply curve
b. A leftward shift of the aggregate demand curve
c. An upward movement along the aggregate demand curve
d. A downward movement along the aggregate demand curve
e. A steeper aggregate supply curve
b
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How does prolonged unemployment harm workers when they are applying for a job?
What will be an ideal response?
The imposition of a tariff on a product is least likely to result in a(n)
A. increase in the price of the product. B. decrease in the real incomes of workers in other industries. C. decrease in the quantity of imports. D. decrease in the domestic production.
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If the market price of hay ________, then to maximize profits this farmer should produce 350 bales of hay.
A. falls to $20 B. falls to $18 C. falls to $4 D. stays at $24
Which of the following is true under conditions of pure competition?
A. There are differentiated products B. The market demand curve is perfectly elastic C. No single firm can influence the market price by changing its output D. Each individual firm has the ability to set its own price