Refer to the information provided in Figure 24.5 below to answer the question(s) that follow.
Figure 24.5Refer to Figure 24.5. At aggregate output of $2,400 billion, unplanned inventories equal $________ billion.
A. -800
B. -400
C. 200
D. 800
Answer: C
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Refer to Figure 24-2. Ceteris paribus, a decrease in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:
A. demand for labor by All-Oak Table Co. increases. B. supply of labor to All-Oak Table Co. increases. C. demand for labor by All-Oak Table Co. decreases. D. supply of labor to All-Oak Table Co. decreases.
The infant-industry argument about tariffs argues that:
A. it is unfair to levy tariffs on items intended for use by infants. B. tariffs should be levied on foreign products that compete with new domestic industries only in the short run. C. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run. D. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.
The firm in the above figure has a markup of ________ per meal
A) $0 B) $4 C) $8 D) $10 E) more than $10