Refer to Figure 2-4. A movement from ________ is the result of additional government restrictions on the pollution that results from plastic production
A) X to W B) Z to W C) Z to Y D) X to V
C
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If the world price for good A is below the domestic price for good A without trade, then the price the consumer pays for good A will ________ and the price the producer receives for good A will ________ with trade.
A. increase; increase B. decrease; decrease C. increase; decrease D. decrease; increase
Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A) horizontal. B) steeper. C) shallower. D) vertical.
The 2001-2007 economic expansion began when a change in Federal Reserve policy and other global conditions caused interest rates to drop and stay low
a. True b. False
Assume that the government provides a cash transfer to each family regardless of their market earnings. Given this transfer, which of the following hypotheses about labor supply is correct?
a. Labor supply will increase because the income effect outweighs the substitution effect. b. Labor supply will increase because leisure is an inferior good. c. The income effect will reduce labor supply; there is no substitution effect. d. Labor supply will be constant since wages are unaffected.