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.
d
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Why do you never see firms in a perfectly competitive market advertise their product?
What will be an ideal response?
Which of the following is NOT a way to signal high quality
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date
Which of the following would tend to decrease velocity?
a. an increase in interest rates b. more frequent paychecks c. expected decreases in inflation d. more efficient payment systems
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.