Use the figure below to answer the following question.
A decrease in supply would best be reflected by
A. a shift from supply curve A to supply curve C.
B. a movement from point 4 to point 3.
C. a shift from supply curve C to supply curve B.
D. a movement from point 1 to point 2.
Answer: A
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Of the following U.S. demographic groups, which tends to have the lowest rate of unemployment?
A) whites B) blacks C) white teenagers D) black teenagers
A reduction in the marginal tax rate can cause potential output to increase by:
A) encouraging early entry into the labor market by reducing the incentive to earn advanced degrees. B) increasing after-tax wage rates and thus allowing workers to work fewer hours. C) increasing the incentive to invest more in education and earn advanced degrees. D) increasing government revenues and thus government expenditure.
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
Answer the following questions true (T) or false (F)
1. Agricultural economics is an applied social science. 2. The U.S. economy represents a mixture of capitalism and socialism. 3. The U.S. economy represents a purely capitalistic system.