When Economists Say the Quantity Supplied of a Product Has

question 173

Multiple Choice

When economists say the quantity supplied of a product has decreased, they mean the

• A) supply curve has shifted to the left.
• B) supply curve has shifted to the right.
• C) price of the product has risen, and consequently, suppliers are producing more of it.
• D) price of the product has fallen, and consequently, suppliers are producing less of it.

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Definitions:

Equal Employment Opportunity

Legislation that ensures that all individuals have an equal chance for employment, without discrimination based on race, color, religion, sex, national origin, age, disability, or genetic information.

Most Favoured Nation Status

A trading advantage granted by one country to another that ensures the receiving country will not be treated less advantageously than any other country with similar agreements.

International Political Kickbacks

Illicit payments made to government officials by businesses or other entities as a way to secure favorable decisions or treatment on an international scale.

Ecological Fallacy

The error of assuming that information about group characteristics can be used to make inferences about individuals within that group.