The Kansas-Nebraska Act of 1854 did not allow popular sovereignty over the issue of slavery
Indicate whether the statement is true or false
False
??Multiple Choice
Using the economic way of thinking and holding all else constant, choose the best answer among those provided.
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Opening trade between a nation that has "cheap labor" and one that has "expensive labor" will
a. lower the standard of living in both countries. b. raise the standard of living in both countries. c. make some workers less efficient. d. lead to an inappropriate allocation of resources.
Compared to high-income countries, low-income countries might have an advantage in achieving greater worker productivity because low-income nations have:
a. many opportunities to make use of existing technologies b. an abundant supply of natural resources. c. an abundant supply of skilled and unskilled labor. d. more entrepreneurial opportunities than high-income countries.
Consumer theory provides the foundation for understanding demand curves because
a. each point on a demand curve represents an optimal choice point. b. consumers purchase more inferior goods than normal goods. c. increases in income cause the budget constraint to rotate inward along one axis, which changes the consumer's purchases. d. increases in income cause the budget constraint to rotate outward along one axis, which changes the consumer's purchases.
If the supply curve and the demand curve both shift to the left, then the new equilibrium:
A. price will be lower, but the direction of the change in quantity is uncertain. B. quantity will be higher, but the direction of the price change is uncertain. C. quantity will be lower, but the direction of the price change is uncertain. D. price will be higher, but the direction of the change in quantity is uncertain.