A supply curve is directly affected by;
(a) Technology.
(b) Input Costs.
(c) Expected Future Prices.
(d) All of the above.
Answer: (d) All of the above
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The graph shows the labor market for painters. The lower the wage rate, the ________ is the quantity of painters that firms demand and the ________ is the quantity of painters that households are willing to supply
A) greater; smaller B) greater; greater C) smaller; greater D) smaller; smaller E) None of the above answers is correct because both the demand and supply curves will shift in response to the change in the wage rate.
Before the South Korean financial crisis, sales by the top five chaebols (family-owned conglomerates) were
A) nearly 50% of GDP. B) about 10% of GDP. C) almost 90% of GDP. D) nearly 25% of GDP.
Assume that the United States levies a high tariff against Japanese steel. How is the tariff likely to affect a. U.S. steel workers? b. General Motors? c. Bethlehem Steel? d. Japanese automobile producers? e. U.S. electric utilities?
What will be an ideal response?
In the Keynesian cross diagram, if the aggregate expenditure line intersects the 45-degree line at potential GDP, then the economy is in recession
a. True b. False Indicate whether the statement is true or false