Technological advances that allow a good to be produced at a lower cost will shift the demand curve rightward.

The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change

What will be an ideal response?

Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused

A) scarcity because there are less oranges now than people want. B) scarcity because people have to switch to other types of citrus fruits. C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price. D) a shortage because the orange growers will have less income.