If an electricians' union is successful in its attempts to restrict entry into that craft, it will shift
a. the supply curve of electricians to the right
b. the supply curve of electricians to the left
c. the demand curve for electricians to the right
d. the demand curve for electricians to the left
e. both the supply and demand curves for electricians
B
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A balance of payments surplus occurs if
A) the supply of a nation's currency is equal to the demand for the currency at the current exchange rate. B) exports exceed imports. C) the supply of a nation's currency exceeds the demand for the currency at the current exchange rate. D) the demand for a nation's currency exceeds the supply of the currency at the current exchange rate.
Suppose the market clearing price for apples rises from $2.00 to $3.00 per pound, and the overall market clearing output decreases from 1 million to 1/2 million pounds. How can we explain the increase in price and decrease in market output?
A) Supply decreased and demand remained unchanged. B) Supply increased and demand remained unchanged. C) Demand increased and supply remained unchanged. D) Demand decreased and supply remained unchanged.