The law of supply indicates that:
A. producers will offer more of a product at low prices than they will at high prices.
B. consumers will purchase less of a good at high prices than they will at low prices.
C. the product supply curve is downsloping.
D. producers will offer more of a product at high prices than they will at low prices.
Answer: D
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Jordan recently quit her job as a marketing consultant in Washington, D.C. and is looking for a better-paying job with an advertising agency in New York. Jordan is considered to be
A) cyclically unemployed. B) structurally unemployed. C) not in the labor force. D) frictionally unemployed. E) a discouraged worker.
If Kenya institutes policies that support economic freedom and growth, it is likely that Kenya will
A) immediately reap the benefits of double digit increase in economic growth. B) immediately reap the benefits of a 4 percent to 6 percent increase in economic growth. C) slowly reap the benefits of economic growth as the economy grows over time. D) lose control of the economy and plunge into a long recession. E) suffer from too much competition within its economy.
In the short run, a federal budget deficit will most likely _____
a. stimulate aggregate supply b. reduce federal debt c. boost economic growth d. reduce national saving e. boost domestic saving
At the equilibrium level of real gross domestic product (GDP), unplanned inventory adjustment equals _____
a. planned investment b. saving c. zero d. actual investment e. consumption