Explain the differences between a change in supply and a change in quantity supplied
What will be an ideal response?
A change in supply refers to a shift of the supply curve, which occurs when one of the variables other than the price of the product changes. A change in quantity supplied refers to a movement along the supply curve, which occurs when the price of the product changes.
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When there are two goods (X and Y), the consumer's optimum is typically found by locating the basket where the marginal value of X in terms of Y equals PX/PY. Explain in words what this equality means, and describe two situations where the consumer's optimum is not characterized by this equation.
What will be an ideal response?
The long-run Phillips curve shows the relationship between the ________ and the ________ when there is no ________ unemployment
A) inflation rate; employment rate; seasonal B) inflation rate; unemployment rate; cyclical C) inflation rate; unemployment rate; structural D) nominal interest rate; real interest rate; frictional E) nominal interest rate; unemployment rate; cyclical
The graph above might represent the ________
A) response to an increase in the fraction of the population engaged in research and development B) response to a rise in the productiveness of research and development C) response to an increase in the total population D) response to a rise in the saving rate
Sonia has a BAin art history, and is currently working full-time as a waitress. The Bureau of Labor Statistics would count Sonia as:
A. employed. B. underemployed. C. unemployed. D. a discouraged worker.