In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P1 is equal to
A. Q1 + Q2.
B. Q4 - Q2.
C. Q1 + Q3.
D. Q2 + Q4.
Answer: D
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Consider two economies: A and B. If the gap between the growth rate of money supply and growth rate of real GDP is larger in country A than in country B, then according to the quantity theory of money:
A) the inflation rate will be lower in country A. B) the inflation rate will be higher in country A. C) real interest rates will be higher in country A. D) nominal interest rates will be lower in country A.
The 19th Amendment:
A. establishes the right to bear arms. B. guaranteed women the right to vote. C. outlawed slavery. D. made sales of alcohol illegal.
Each person is better off with a bigger tax return than with a small tax return. That means that everyone would be better off if all taxes were zero. A person saying that is
A. wrong because firms operate on jealousy. B. wrong because causation and correlation are not the same. C. wrong and have fallen victim to the fallacy of composition. D. right.
If there is employment discrimination against minorities, this will cause the:
A. supply of their services to increase, and their wages to fall. B. demand for their services to decline, and their wages to fall. C. supply of their services to decline, and their wages to rise. D. demand for their services to decline, and their wages to rise.