A country’s comparative advantage can be illustrated by the graph of the production possibilities frontier.
Answer the following statement true (T) or false (F)
True
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Individuals who suffer from unemployment spells lasting more than six months are ________
A) chronically unemployed B) frictionally unemployed C) discouraged workers D) no longer counted as part of the labor force
A decrease in the number of dry cleaners in an area can be represented by a(n)
a. downward movement along the dry cleaning supply curve b. upward movement along the dry cleaning supply curve c. leftward shift in the dry cleaning supply curve d. rightward shift in the dry cleaning supply curve e. vertical dry cleaning supply curve
Which of the following helps determine the demand side of the market?
a. consumers who purchase goods b. companies that sell services c. government officials who enforce regulations d. resource owners who sell raw materials