Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?
A. 0
B. 5
C. 10
D. 15
Answer: B
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In the first half of 2008, food and energy costs in the United States increased. At the same time, the financial crisis slowed production. As a result, economists warned that the economy would
A) suffer an inflationary gap. B) see a decrease in aggregate demand and an increase in long-run aggregate supply. C) experience stagflation. D) see an increase in potential GDP.
Refer to Figure 4-4. What is the value of the deadweight loss at a price of $18?
A) $100 B) $180 C) $660 D) $1,040
An automobile manufacturer uses land, labor, capital, and entrepreneurial ability to produce cars and trucks. If the price of trucks increases, the automobile manufacturer would not _____
a. pay a lower wage rate to labor b. increase truck production c. hire more workers d. increase capital used in production e. increase land used in production
During a recession, liberal economists would be most in favor of
A. spending cuts. B. spending increases. C. tax cuts. D. tax increases.