Which one of the following statements is FALSE?
A) There is an inverse (negative) relationship between product price and quantity supplied.
B) There is some price at which quantity supplied of a product is zero.
C) As product price increases, producers are willing to put more of the good on the market for sale.
D) In order to entice producers to offer more of a product on the market for sale, product price must rise.
Answer: A
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Refer to the following graph. If the price of bagels falls, the budget constraint in the graph will rotate:
A. out and become flatter. B. in and become steeper. C. in and become flatter. D. out and have the same slope.
Which of the following is one of the three main reasons for the spread of democracy?
a. Democratic regimes failed to deliver economic progress to the vast bulk of their populations. b. Economic advances in the past quarter-century have led to the emergence of a class of ruling elite c. New information and communication technologies have broken down the ability of the state to control access to uncensored information. d. Totalitarian regimes delivered economic progress to the bulk of their populations but not enough to the power brokers.
The major change in American labor markets this century is
A. the increase in the labor-force participation rate. B. the steady rise of the employment rate. C. the steady rise of the unemployment rate. D. the increase in the female labor-force participation rate.
In Figure 2.1, a "P*" for equilibrium price would go in
A. Box 1. B. Box 2. C. Box 3. D. Box 4.