When the supply curve shifts to the left and there is no change in demand:
A. the market cannot reestablish an equilibrium.
B. the equilibrium quantity will rise.
C. the equilibrium price will fall.
D. the equilibrium price will rise.
Answer: D
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Refer to Figure 15-10. What is the area that represents consumer surplus under a monopoly?
A) the triangle P0P2E B) the trapezium P1P2EF C) the rectangle P1P3HF D) the triangle P0P1F
The coordinates of point A are 20 units of X and 36 units of Y. The coordinates of point B are 22 units of X and 30 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is
A) + 3.00 B) + .20 C) + 0.33 D) - 0.33 E) - 3.00
Structural unemployment is increased when the wage is kept above the market-clearing wage by:
A. worker mobility. B. skill-biased technological change. C. labor unions. D. unemployment insurance.
Why have social scientists accused economists of being imperialistic?
a. Economists in general are better paid than other scholars. b. The tools of economists are used in many different fields. c. Economists tend to have a superior attitude about their field. d. Politicians view economists as being more important than other scholars.