Author Question: Refer to Figure 17-2. Suppose the market price of bracelets falls to 2. What happens to the curve ... (Read 63 times)

Diane · **on:** Jun 29, 2018

Refer to Figure 17-2. Suppose the market price of bracelets falls to 2. What happens to the curve given in the diagram?

A) The curve shifts to the left.
B) Nothing, because labor's productivity has not changed.
C) There will be a movement along the curve.
D) We cannot answer the question without knowing if Becca would want to hire more workers.

Question 2

If a country's real GDP is rising by 3 per year while its population is rising at 5 per year, which of the following is true?

A) Growth in nominal GDP is less than the growth in the population.
B) The country's standard of living is falling.
C) The country's standard of living is rising.
D) Growth in nominal GDP outweighs growth in the population.