If the demand for a good increases at the same time as the supply of the same good decreases, what will happen to the equilibrium price and quantity of the good?
The equilibrium price will rise. The change in the equilibrium quantity is ambiguous.
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If a significant number of part-time workers successfully find full-time employment, then
A) the unemployment rate will fall. B) the labor force participation rate will increase.. C) the unemployment rate will remain unchanged. D) the unemployment rate will rise. E) Both answers A and B are correct.
A subjective analysis of "what should be" in the economy is referred to as
A) positive economics. B) normative economics. C) command economics. D) implicit economics.
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. If the price of labor is $50 per unit, what is the price of capital along the isocost CE?
A) $400 per unit B) $100 per unit C) $25 per unit D) insufficient information to answer question
During 1970-1997, the U.S. federal government was
A) in deficit every year. B) in surplus every year. C) in deficit most of those years. D) balanced every year.