Once the supply curve for a product or service is drawn, it
a. remains stable over time.
b. can shift either rightward or leftward.
c. is possible to move along the curve, but the curve will not shift.
d. tends to become steeper over time.
b
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The principle that "trade can make everyone better off" applies to interactions and trade between
a. families. b. states within the United States. c. nations. d. All of the above are correct.
Two goods are complements if:
A. an increase in the price of one good leads to an increase in demand for the other. B. there are no substitutes for either of them. C. people tend to consume either one or the other. D. an increase in the price of one good leads to a decrease in demand for the other.
In the short run/long run, a strong currency goes with:
a. a low interest rate/a high interest rate. b. a high interest rate/a high interest rate. c. a high interest rate/a low interest rate. d. a low interest rate/a low interest rate.
In an economy of 100 people in the labor force, if 10 people are unemployed for 4 weeks during the year, and 30 people are unemployed for 8 weeks during the year, and the rest are employed continuously throughout the year, then the average duration of unemployment in this economy is:
A. 7 weeks. B. 5 weeks. C. 8 weeks. D. 6 weeks.