A move from D2 to D3 is a(n) _____.
A. an increase in quantity demanded
B. a decrease in quantity demanded
C. an increase in demand
D. a decrease in demand
C. an increase in demand
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The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law
Indicate whether the statement is true or false
Greater scarcity of a natural resource is indicated
a. by an increase in the price of the resource, whether the price increase is less than or greater than the rate of inflation. b. only by an increase in the price of the resource that is less than the rate of inflation. c. only by an increase in the price of the resource that is greater than the rate of inflation. d. only by an increase in the price of the resource that is caused by a decrease in supply and is greater than the rate of inflation.
An increase in aggregate demand is more likely to lead to demand-pull inflation if:
a) Aggregate supply is perfectly elastic b) Aggregate supply is perfectly inelastic c) Aggregate supply is unit elastic d) Aggregate supply is relatively elastic
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. For trade to be mutually beneficial for both countries, the terms of trade will be such that 1 computer will exchange for
A. More than 3 tons of soybeans but less than 5. B. Less than 1/5 of a ton of soybeans. C. Zero soybeans. D. More than 1/5 of a ton of soybeans but less than 1/3.