When an economic event causes demand or supply to shift, prices and quantities set off in the general direction of:
a. equilibrium.
b. disequilibrium.
c. stabilization.
d. maximization.
a. equilibrium.
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Pineapple growing is a perfectly competitive industry. How does the market demand curve for pineapples compare to the demand curve for an individual pineapple grower?
What will be an ideal response?
The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 300,000 B) 500,000 C) 700,000 D) 0 flip-flops because the United States exports E) 400,000
The type of labor agreement that requires workers to be union members prior to being considered for employment is a
A) right-to-work agreement. B) closed-shop agreement. C) union shop agreement. D) open-shop agreement.
When the growth rates of actual and potential GDP diverge, they usually diverge because
a. actual GDP growth equals potential GDP growth. b. actual GDP growth falls below potential GDP growth. c. potential GDP growth rates fall below actual GDP growth rates. d. potential GDP growth rates fluctuate while actual GDP growth rates remain stable.