In the above figure, the curve that represents the most income equality is
A. a.
B. b.
C. c.
D. d.
Answer: A
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The branch of economics that focuses on economywide variables like inflation and unemployment is called:
a. macroeconomics. b. microeconomics. c. free-market economics. d. aggregate economics.
If the economy is self-regulating, explain the correct sequence of events that occurs once the economy is in a recessionary gap to move the economy to long-run equilibrium
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. Assuming that lionfish is a substitute for snapper, what will likely happen to fishing efforts for lionfish if the price of snapper increases?
A) Fishing efforts will increase. B) Fishing efforts will decrease. C) Fishing efforts will remain the same if supply is perfectly inelastic. D) A and C
How might a law setting minimum wage below the equilibrium point have an unintended effect?
A) The effect might be less demand for workers. B) The law might result in wages lower than the equilibrium wage. C) The actual wages earned by workers might be higher than the equilibrium. D) The equilibrium point might shift upward in response to the minimum wage law.