Which of the following will most likely result from an unanticipated decrease in aggregate supply due to unfavorable weather conditions in agricultural areas?
a. a decrease in inflation
b. a decrease in unemployment
c. a decrease in the general level of prices
d. an increase in the general level of prices
D
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The price elasticity of supply for a product will be 2 if a
A. 1% decrease in price causes a 0.2% decrease in quantity supplied. B. 2% decrease in price causes a 2% decrease in quantity supplied. C. 2% decrease in price causes a 1% decrease in quantity supplied. D. 1% decrease in price causes a 2% decrease in quantity supplied.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is lower and the quantity of labor demand is higher than at the equilibrium wage
a. True b. False Indicate whether the statement is true or false
In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500 . What was Talikastan's consumption in 2015?
a. $830 b. $1230 c. $1370 d. $1770
Compared with constant cost production, if production occurs under increasing cost conditions, it is MORE likely that countries will:
a. completely specialize. b. incompletely specialize. c. not engage in international trade. d. trade with one another.