If the number of people with the skills necessary to perform a job decreases, labor ________ shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: C
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A large government encounters a production possibilities frontier essentially the same as one faced by a business firm.
Answer the following statement true (T) or false (F)
.Which of the following will most likely occur during the expansionary phase of a business cycle?
What will be an ideal response?
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
In the equilibrium this game, Tracy chooses the ________ branch, and then Amy chooses the ________ branch.
A. bottom; top B. top; bottom C. top; top D. bottom; bottom
Price elasticity of demand shows how
A. Responsive the quantity demanded is to a change in price. B. To compute the slope of the demand curve. C. Responsive the price is to a change in demand. D. Responsive the quantity demanded is to a change in the price of related goods.