Globalization has ________ the price of many goods, which has caused the value marginal product of unskilled labor to ________ and the demand for unskilled labor to ________
A) decreased; decrease; decrease
B) decreased; decrease; increase
C) decreased; increase; increase
D) increased; increase; increase
A
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M1 differs from M2 because ________
A) M2 includes components that are less liquid than any component of M1 B) M1 does not include savings deposits and M2 does C) M1 is included in M2 but M2 has more components D) all of the above E) none of the above
A recessionary gap is usually closed in the long run by a(n): a. rightward shift of the short-run aggregate supply curve
b. leftward shift of the short-run aggregate supply curve. c. rightward movement along a fixed short-run aggregate supply curve. d. decrease in aggregate demand. e. leftward movement along a fixed short-run aggregate supply curve.
The money multiplier equals
a. 1/R, where R represents the quantity of reserves in the economy. b. 1/R, where R represents the reserve ratio for all banks in the economy. c. 1/(1+R), where R represents the quantity of reserves in the economy. d. 1/(1+R), where R represents the reserve ratio for all banks in the economy.
Suppose the market for "soda X" is in equilibrium. If the FDA announced today that this soda has been proven to cause a fatal disease, what would be most likely to happen to the equilibrium price and equilibrium quantity of soda X?
A. Price increases and quantity increases B. Price decreases and quantity increases C. Price increases and quantity increases D. Price decreases and quantity decreases