To an economist, a decrease in supply means a:
a. rightward shift of the supply curve
b. movement up along a supply curve.
c. leftward shift of the supply curve.
d. movement down along the supply curve.
d
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Clint puts $200 into an account when the interest rate is 8 percent. Later he checks his balance and finds that he has a balance of about $272.10 . How many years did Clint wait to check his balance?
a. 3 years b. 3.5 years c. 4 years d. 4.5 years
Elected officials never care about the wishes of the voting public and govern using their own value system.
A. True B. False C. Uncertain
The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
At this country's current level of production, what is the opportunity cost of a pound of mangos in terms of cashews?
A. 1/3 pounds of cashews B. 5/21 pounds of cashews C. 21/5 pounds of cashews D. 3 pounds of cashews
The oil price shock of 1973 was caused by
A. the drying up of two major U.S. oil wells. B. an embargo by the Organization of Petroleum Exporting Countries (OPEC). C. the overthrow of the Iranian government by terrorists. D. a series of earthquakes in Venezuela.