In retaliation for U.S. support for Israel during the Arab-Israeli War, OPEC countries stopped selling oil to the United States. For the United States, this embargo caused the
a. demand curve for oil to shift out.
b. demand curve for oil to shift in.
c. supply curve of oil to shift out.
d. supply curve of oil to shift in.
d
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Suppose that the economy is in a position of short-run equilibrium at a point where real GDP is below the full-employment level. Assuming no further change in aggregate demand and self-correction, the movement to a new long-run equilibrium includes a decrease in which of the following? a. The unemployment rate
b. The price level (CPI). c. The level of nominal wages and salaries. d. All of the above.
Which of the following statements is FALSE?
A) Total income is always greater than total output. B) In the circular flow model, households sell factor services to businesses in return for factor payments. C) Businesses sell goods and services to households who use their income to pay for them. D) The value of total income is equal in value to total output because profit is a cost of production.
Other things being equal, a decreased supply of natural resources would be represented on a production possibilities curve by a(n):
a. movement off the curve to a point inside the curve. b. movement down along the curve. c. movement up along the curve. d. inward shift of the entire curve.
The less freedom young mothers have to work outside the home, the
a. more elastic the supply of labor will be. b. less elastic the supply of labor will be. c. more horizontal the labor supply curve will be. d. larger is the decrease in employment that will result from a tax on labor.