A recent breakthrough in the field of genetics will allow scientists to insert into banana trees a human gene that protects against deadly childhood diseases. This is an important breakthrough for some less-developed countries because they cannot afford the traditional vaccines for these diseases. What effect might this breakthrough have on these countries' aggregate supply curves?
This breakthrough will decrease mortality rates, leading to an increase in the supply of labor, and eventually shift the aggregate supply curve to the right.
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Proved reserves of petroleum are
a. the verified quantity of petroleum that can be recovered at current prices and levels of technology. b. the only reserves likely to be available in the future. c. refined products awaiting shipment to the market. d. the total amount of the resource in existence, regardless of the productive effort undertaken to expand the future availability of the resource.
The Federal Reserve System:
A. has the same status as the Supreme Court. B. is basically an independent agency. C. has the status of a congressional committee. D. is an agency of the executive branch of the federal government.