Figure 5-7
In Figure 5-7, budget line B compared to A clearly shows that the
a.
price of wine increased.
b.
price of beer decreased.
c.
price of beer increased.
d.
consumers' money income increased.
b
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Which of the following is likely to shift the labor supply curve to the left, assuming all else equal?
A) A rise in the wage rate B) A social change that discourages women to participate in the labor force C) A fall in the wage rate D) Decrease in the maximum amount of unemployment benefits
Suppose that Australia has fully employed all of its resources. This situation means that Australia
A) is experiencing zero unemployment. B) has a positive Lucas Wedge. C) has a negative Okun Ga D) is operating at its potential GDP
The American colonies have a rich and deep history in international trade and immigration
Indicate whether the statement is true or false
Which of the following could create a cost advantage for a? monopoly?
A) better technology B) lower friction due to better organization C) standardization D) All of the above