Refer to the graphs shown.
If labor supply shifts from S1 to S2, the market wage rate will:
A. decrease from W1 to W0.
B. increase from W0 to W1.
C. increase from W1 to W2.
D. decrease from W2 to W1.
Answer: C
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If people expect the price of packaged coffee to rise next week, coffee demand will
a. decrease now b. increase now c. stay the same now and increase next week d. stay the same now and decrease next week e. stay the same now and next week
The best measure of living standards is
A. GDP per capita. B. Investment as a percentage of GDP. C. The ratio of current GDP to GDP in the base period. D. GDP per worker.
A man can rewire a house in 12 hours and can panel a room in 15 hours, and his teenage son can rewire a house in 18 hours and can panel a room in 16 hours. Who is more efficient in rewiring a house, and who is more efficient in paneling a room?
a. The father is more efficient at both activities. b. The father is more efficient at rewiring a house, and the son is more efficient at paneling a room. c. The father is more efficient at paneling a room, and the son is more efficient at rewiring a house. d. The two are equally efficient at both activities.
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A