Which of the following situations would cause the greatest increase in labor productivity?
A. The increase in the employment rate is greater than the increase in capital.
B. The employment rate remains the same and capital decreases.
C. The employment rate increases and capital remains the same.
D. The increase in capital is greater than the increase in the employment rate.
Answer: D
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Which of the following best describes a graph showing the supply and demand for foreign exchange?
a. The quantity of foreign exchange is on the horizontal axis and the quantity of the domestic currency is on the vertical axis. b. The quantity of the domestic currency is on the horizontal axis and the quantity of foreign exchange is on the vertical axis. c. The quantity of foreign exchange is on the horizontal axis and the price of foreign exchange in terms of the domestic currency is on the vertical axis. d. The quantity of foreign exchange is on the vertical axis and the price of foreign exchange in terms of the domestic currency is on the horizontal axis. e. The quantity of the domestic currency is on the horizontal axis and the price of foreign exchange in terms of dollars is on the vertical axis.
How extensively does the United States use quotas?
a. Very little; there are few quotas on imports. b. Selectively; there are more quotas than most people realize. c. Widely; quotas are extensive and cover a wide range of goods. d. Widely; although the United States prefers to use tariffs, which cover a wide range of goods.
Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.
Let supply be given by P = 5Q and demand by P = 19 - 2Q. Suppose we now place a tax of 5 per unit of output on the seller. The new supply curve is:
A. P = 5 + 5Q B. P = 5Q C. P = 5Qt5 D. P = 5Q - 5