At levels of output close to full employment, the aggregate supply curve is probably
a. very flat.
b. very steep.
c. sloped downward.
d. perfectly elastic.
b
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In an attempt to limit the supply of illegal liquor, the Russian government has restricted sugar availability (sugar is used to increase alcohol content). Russians also like to sweeten their tea with jam, another product made using sugar. Which graph in Figure 4-11 depicts the impact of sugar rationing on the Russian tea market?
A. 1 B. 2 C. 3 D. 4
On December 29th, the cost of a skiing trip to Finse, Norway, was 6,500 krone. Two weeks later, the American dollar appreciated against the Norwegian krone. If the price of the trip in Norway remains the same, _____
a. an American skier living in Florida will now view this trip as cheaper compared to before b. an American skier living in Florida will now view this trip as highly expensive compared to before c. an American skier living in Florida will now view this trip as of the same value as before d. an American skier living in Florida will now value this trip less as compared to before e. an American skier living in Florida will no longer take this trip
A person who works 25 hours per week: a. is considered to be a discouraged worker. b. is considered to be unemployed
c. is considered to part of the labor force. d. none of the above
Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. In China, the opportunity cost of
A. a motorcycle is 1/30 of a tractor. B. a tractor is 10 motorcycles. C. a motorcycle is 10 tractors. D. a tractor is 1 motorcycle.