If a new governmental policy decreases unemployment benefits, we would expect the labor ________ curve to shift to the ________.
A. supply; right
B. supply; left
C. demand; left
D. demand; right
Answer: A
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Farmers who joined the Greenback Party in the late-19th century felt that
a. the government should make efforts to curb the inflation that the country was experiencing. b. farm prices were too high in comparison to the overall price-level of the economy. c. the government should own all transportation and communication facilities. d. an increase in the money supply would benefit debtors.
If a price ceiling is a binding constraint on a market, then
a. the equilibrium price must be below the price ceiling. b. the quantity supplied must exceed the quantity demanded. c. sellers cannot sell all they want to sell at the price ceiling. d. buyers cannot buy all they want to buy at the price ceiling.
If there is a natural disaster, the long-run aggregate-supply curve shifts
a) upward. b) left. c) right. d) not at all but instead remains constant.
Economic reasoning that is true for one individual but not for society as a whole is referred to as
A) Fallacy of composition. B) Specialization. C) Generalization. D) None of the above.