Refer to the graphs shown. The curve that best demonstrates the law of demand is:
A. I.
B. II.
C. III.
D. IV.
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Customer discrimination occurs when
A) a firm pays workers different wages based on irrelevant factors. B) workers refuse to serve customers of a different race. C) customers refuse to buy products produced by a racially diverse workforce. D) customers refuse to buy products they believe to be of poor quality.
The increased willingness of women to enter the workforce has most likely lead to
a. an increase in labor demand, higher real wages, and a lower price level. b. an increase in labor supply, higher real wages, and a lower price level. c. an increase in labor supply, higher real wages, and a higher price level. d. a decrease in labor demand, lower real wages, and no effect on the price level. e. none of the above.
The main revenue sources for state and local governments are corporate income taxes
a. True b. False Indicate whether the statement is true or false