Category: Economics

A simulation is decreased in supply and demand can lead to which of the following and increase in quantity a decrease in quantity a rising price only a fall in price only

171 pointThe Opium Wars occurred because attempted to control or eliminate imports of opium by traders.China, BritishChina, IndianBritain, ChineseBritain, Indian

➤ How does frictional unemployment differ from structural, cyclical, and seasonal unemployment?
Frictional unemployment comes from voluntary job changes and search time. Structural unemployment results from skills mismatch or technological shifts. Cyclical unemployment follows demand shortfalls during recessions. Seasonal unemployment reflects predictable calendar patterns in industries like tourism or agriculture. Frictional is typically short-term and linked to matching, not long-term mismatch or downturns.

➤ How do analysts measure a country’s industrial power?
Analysts use manufacturing value added, the industrial production index, and gross value added for industry. They also consider export value of manufactured goods, global manufacturing share, manufacturing employment, and capital investment. Comparing several of these indicators gives a clearer, multidimensional view of industrial strength and international competitiveness.

➤ How does a change in production costs affect the supply curve?
If production costs fall, producers can offer more at each price, shifting the supply curve to the right. If costs rise, the curve shifts left because firms supply less at every price. Common cost factors include input prices, wages, energy, and technological improvements that alter supply independently of market price.

2.) Distinguish between how economic decisions are made in a planned economicsystem and how they are made in a market-directed economy. How would youcategorize the U.S.?