What is an accurate implication resulting from an increase in income?
A) an increase in exchange rate
B) a decrease in exchange rate
C) a decrease in consumption
D) a decrease in output
E) an increase in consumption
E
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When the supply curve shifts to the left and there is no change in demand:
A. the equilibrium price will rise. B. the market cannot reestablish an equilibrium. C. the equilibrium price will fall. D. the equilibrium quantity will rise.
A period of time in which an individual is continuously unemployed is called an unemployment
A. participation period. B. duration. C. spell. D. rate.
Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses B. An antique car sold to the highest bidder C. A pair of skis sold by a sporting goods retailer to a skier D. A share of IBM stock
What is productive efficiency?
A) a situation in which resources are allocated to their highest profit use B) a situation in which resources are allocated such that goods can be produced at their lowest possible average cost C) a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it D) a situation in which firms produce as much as possible