Figure 33-4
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Figure 33-4 shows four movements of the inflation rate and the unemployment rate. Which panel shows the movement associated with a “supply shock” like those of the 1970s?
A. 1
B. 2
C. 3
D. 4
Answer: C
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The relationship between unemployment and inflation is
A) nonexistent. B) positive. C) negative. D) None of the above.
Under which of the following does a monopoly's demand curve become its marginal revenue curve?
A) all types of monopoly B) only single-price monopoly C) only perfect price discrimination D) only price discrimination on the basis of the number of units purchased E) any monopoly that price discriminates
The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1, the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
A) -0.56. B) -1.15. C) -0.8. D) -1.57.
A division of a firm is
a. a logical sub-organization of the firm b. a level within the firm in which a large degree of autonomy is vested c. a level of hierarchy within a firm that defines the scope of a manager d. all of the above