Most modern economic analysis is normative in nature, but involves questions with positive aspects.
Answer the following statement true (T) or false (F)
False
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The advice to "go back to school to get retrained in a different field" would be most appropriate for which of the following types of unemployment?
A) frictional B) structural C) cyclical D) intentional
Which of the following institutions is responsible for supervising the banking system of the United States?
a. The Federal Reserve System. b. The Open Market Committee. c. The U.S. Treasury. d. The Federal Deposit Insurance Corporation.
Which of the following will not shift the aggregate demand curve to the left?
A. Consumers become more optimistic about the future. B. Government spending decreases. C. Business optimism decreases. D. Consumers become pessimistic about the future.
Answer the following questions true (T) or false (F)
1. If the number of firms producing mouthwash increases and consumer preference for mouthwash increases, the equilibrium price of mouthwash will definitely increase. 2. If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left, the equilibrium quantity will decrease. 3. If the demand for a product decreases and the supply of the same product decreases, the equilibrium price will decrease.