If the resource prices faced by a firm rise, the result is a(n)
a. decrease in supply
b. increase in supply
c. decrease in demand
d. increase in quantity demanded
e. decrease in quantity supplied
A
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A rightward shift of the Phillips Curve suggests that:
A. A higher rate of unemployment is associated with each level of inflation rate B. A lower rate of inflation is associated with each level of unemployment rate C. The aggregate supply curve has shifted to the right D. The aggregate demand curve has shifted to the left
If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. What is Leo's opportunity cost of making a pound of fudge?
A. 0.8 of a pound of toffee B. 4 pounds of toffee C. 5 pounds of toffee D. 1.25 pounds of toffee