A move from H to I represents
A. an increase in quantity demanded.
B. a decrease in quantity demanded.
C. an increase in demand.
D. a decrease in demand.
D. a decrease in demand.
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Let S = y - (150 + 0.6y). Assume no government or foreign sectors. What is the consumption function?
A) C = 150 + 0.6y B) C = -150 - 0.6y C) C = 150 + 0.4y D) C = -150 + 0.4y
Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is currently true?
A. Producing at point A is the best choice, because some of both items are made.
B. Producing at point D would be inefficient, since no books would be produced.
C. Producing at point C is the best choice, because it's closest to the middle.
D. Producing at point B is impossible.
If a profit-maximizing firm hires an additional unit of labor, what must be true about labor's wage and marginal revenue product?
a. Its wage always equals its marginal revenue product. b. Its wage is always greater than its marginal revenue product. c. Its wage is always total revenue minus marginal revenue product. d. Its wage is always less than or equal to its marginal revenue product.
Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20NA195 B35 180 C45 150 D50 100NAOn the basis of your calculations in Table 1.2, what is gained by producing at point B rather than point C?
A. 10 B-1 bombers. B. 45 B-1 bombers. C. 30 Stealth bombers. D. 180 Stealth bombers.