Refer to Figure 14.2. Suppose that, due to a recession, foreign workers begin to leave the United States to search for work in their home countries. Other things equal, this would best be represented in the United States by a movement from
A) point A to point B.
B) point B to point A.
C) point B to point C.
D) point A to point C.
B
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How does the imposition of a penalty for possessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
What will be an ideal response?
In the vertical segment of the aggregate supply curve,
a. different levels of GDP correspond with high unemployment. b. competition among producers for already-employed resources can succeed only in lowering the economy's price level. c. full employment is achieved. d. producers are able to hire more workers at lower wages. e. increases in GDP are due solely to production gains.
In the short run, the horizontal sum of all of the marginal cost curves (above minimum average variable cost) of individual firms in a competitive market defines the
a. average variable cost curve b. market demand curve c. market supply curve d. average total cost curve e. total quantity demanded
When an American doctor opens a practice in Bermuda, his production there is part of U.S. GNP
a. True b. False Indicate whether the statement is true or false