A positive demand shock causes the aggregate demand curve to undergo an ______ shift.
a. anticipated rightward
b. unexpected rightward
c. anticipated leftward
d. unexpected leftward
b. unexpected rightward
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Why is the short-run demand curve for labor downward sloping?
What will be an ideal response?
Which of the following is not a type of trade restriction?
a. low-interest loans to foreign buyers b. export subsidies to domestic producers c. restrictive health and safety standards d. domestic content requirements e. economies of scale
The average tax rate is the rate at which an additional dollar earned is taxed
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Microeconomics is the study of the behavior of the overall economies of small countries. 2. Macroeconomics is the study of how certain occurrences affect the economy as a whole. 3. The supply of services is not part of the study of economies because it does not involve the exchange of goods. 4. Economics is the study of how goods and services are exchanged between individuals, businesses, and governments. 5. Traditional economies are the most common economies found in the world today.