A decrease in supply:
a. Refers to a leftward shift in the supply curve
b. Is likely to result from the decrease in the price of a productive resource
c. Refers to a downward movement along a supply curve
d. Has the same meaning as the phrase "a decrease in quantity supplied"
Answer: a. Refers to a leftward shift in the supply curve
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For the best indication of the material standard of living of the typical person in society, focus should be placed on
A) real GDP. B) nominal GDP. C) real GDP per capita. D) nominal GDP per capita.
A firm should hire more labor when the marginal revenue product of labor
A) equals the wage rate. B) exceeds the wage rate. C) is less than the wage rate. D) Any of these can be true. E) None of these are true.
If the price of one good increases, and as a result the demand for another good increases, the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods.
Which of the following are equivalent terms?
a. The absence of structural unemployment and the absence of cyclical unemployment b. Normal employment and the absence of structural unemployment c. Full employment and the absence of cyclical unemployment d. Normal employment and the absence of frictional unemployment e. Null employment and the absence of frictional unemployment.