Suppose that in October, market analysts predict that the price of platinum will fall in November. What happens in the platinum market in October, holding everything else constant?
A) The supply curve shifts to the right.
B) The supply curve shifts to the left.
C) The quantity of platinum demanded and the quantity of platinum supplied both increase.
D) The demand curve shifts to the right.
Answer: A
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Over the last 50 years, the U.S. labor force participation rate of men has ________ by ________ the labor force participation of women has ________. As a result, the overall U.S. labor force participation has ________
A) increased; more than; decreased; increased B) decreased; more than; increased; decreased C) increased; less than; decreased; decreased D) decreased; about the same rate as; increased; remained steady E) decreased; less than; increased; increased
The long run market supply curve is formed by adding up individual firm supply curves in the industry.
Answer the following statement true (T) or false (F)
Regarding unemployment, the classical model implies that
A) unemployment always exists. B) unemployment cannot exist. C) voluntary unemployment is zero, but involuntary unemployment often is fairly high. D) only voluntary unemployment exists.
If Mr. Smith thinks the last dollar spent on shirts yields more satisfaction than the last dollar spent on cola, and Smith is a utility-maximizing consumer, he should:
a. decrease his spending on cola. b. decrease his spending on cola and increase his spending on shirts. c. increase his spending on shirts. d. increase his spending on cola and decrease his spending on shirts.