An increase in the restrictions on immigration will shift the
A. AS curve to the left.
B. AS curve to the right.
C. AD curve to the right.
D. None of the choices are correct.
Answer: A
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By the legal definition of unemployment, a person who has quit his job to take care of his children full time is
A. unemployed. B. not in the labor force. C. in the labor force. D. employed.
An electronics manufacturer can produce either MP3 players or cell phones. As the result of a decrease in the price of cell phones, the firm produces more MP3 players and fewer cell phones. An economist would explain this by saying
A. the supply of cell phones increased and the quantity supplied of MP3 players decreased. B. there has been a decrease in the quantity supplied of cell phones and an increase in the supply of MP3 players. C. there has been an increase in the quantity supplied of cell phones and a decrease in the quantity supplied of MP3 players. D. the supply of cell phones increased and the supply of MP3 players decreased.
The price elasticity of demand is generally negative to reflect the indirect relationship between the quantity demanded of a good and its price.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 28.8 below to answer the question(s) that follow.
Figure 28.8Refer to Figure 28.8. Along SRPC3, expected inflation equals
A. 4%. B. 5%. C. 6%. D. cannot be determined from the figure.