Suppose that in October, market analysts predict that the price of platinum will fall in November. What happens in the platinum market in October, holding everything else constant?
A) The demand curve shifts to the right.
B) The supply curve shifts to the right.
C) The supply curve shifts to the left.
D) The quantity of platinum demanded and the quantity of platinum supplied both increase.
B
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According to the AS-AD model, when real GDP exceeds potential GDP, the unemployment rate is definitely
A) less than the natural unemployment rate. B) greater than the natural unemployment rate. C) rising. D) falling. E) equal to the natural unemployment rate.
When local governments ignore all other considerations and award cable TV franchises to the firms that offer the highest money bids, they
A) discriminate against the poor. B) encourage corruption. C) introduce delay into the system but increase its efficiency. D) reduce the likelihood of illegal bribes. E) increase the likelihood the winning firm will be incompetent.