If demand and supply both shift to the right, then:
A) both price and quantity will go up.
B) price will go down and quantity will go up.
C) quantity will go down and price will go up.
D) quantity will go up, but price could go up, down, or stay the same
Ans: D) quantity will go up, but price could go up, down, or stay the same
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The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Employment will fall by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
With fixed interest rates, unanticipated deflation hurts ________ because ________
A) lenders; they get paid back in less valuable dollars B) lenders; they get paid back in more valuable dollars C) borrowers; they repay the loan in more valuable dollars D) borrowers; they repay the loan in less valuable dollars