Which of these is not a beneficial supply shock?
a. An abundant harvest that increases food supplies
b. The discovery of natural resources
c. Reductions in business taxes
d. Technological advances
e. Establishment of the Occupational Safety and Health Administration (OSHA)
e
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A microeconomist might study which of the following?
a. the collapse of US financial markets in 2007-2009 b. the causes of the Great Depression c. the movements of prices for unleaded gasoline d. the role of expectations in the determination of the level of real GDP e. the trade-off between inflation and unemployment
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Tracy should specialize in sandwiches and smoothies. B. Dan should specialize in sandwiches, and Tracy should specialize in smoothies. C. Dan should specialize in both sandwiches and smoothies. D. Dan should specialize in smoothies, and Tracy should specialize in sandwiches.