A movement downward and to the left along a supply curve is called a(n)
a. increase in supply.
b. decrease in supply.
c. decrease in quantity supplied.
d. increase in quantity supplied.
c
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Suppose Afghanistan receives monthly gifts of food and other consumption goods from the world's nations. What effect will these gifts have on the Afghanistan’s labor market?
a. The demand for labor will rise. b. The wage will rise and employment will fall. c. Fewer jobs will be available and wages will be lower. d. The gifts will have no effect on the labor market.
Measured as a share of the economy, government expenditures on ____ have declined during the last four decades
a. health care b. national defense c. transfer payments d. Social Security benefits
A policy intended to reduce unemployment by taking advantage of a tradeoff between inflation and unemployment leads to
a. both higher inflation and higher unemployment in the long run. b. higher inflation and no change in unemployment in the long run. c. the same inflation rate and lower unemployment in the long run. d. higher inflation and lower unemployment in the long run
Compared to an efficient perfectly competitive industry, the monopolist will
A. produce more output at a lower price. B. produce less output and charge a higher price. C. produce more output at a higher price and higher profit. D. produce less output at a higher total cost.