Refer to the above graph. This economy is at equilibrium:
A. at point b.
B. at price level P1 and output Q1.
C. at point a.
D. at price level P2 and output Q2.
Answer: D
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When Hughes and Cain (2011) say that workers lacked an "economic identity" until the middle decades of the 19th century, they mean all of the following except
(a) Earlier in U.S. history, most adults were self-employed and, therefore, did not think of themselves as having common interests with laborers possessing views that workers should position themselves against employers. (b) Earlier in U.S. history, production was carried out in shops within the guild structure. The tight relationships among apprentices, journeymen, and master encouraged workers to think of themselves as sharing interests with employers. (c) The establishment of the factory system and its large size increased the net benefits of separating the interests of the workers and employers. (d) Earlier in U.S. history, the laws forbade workers from organizing to promote their own interests and, therefore, labor could not achieve a recognized identity.
Which of the following statements best completes this sentence: "On a bank's balance sheet…"?
A. net worth represents both a source and a use of funds. B. net worth shows the sources of funds and liabilities show the uses of funds. C. assets show the uses of funds and liabilities show the sources of funds. D. assets show the sources of funds and the net worth shows the uses of funds.
Which of the following might decrease the supply curve of labor?
A. Elimination of discrimination against blacks. B. Elimination of discrimination against females. C. Easing licensing requirements. D. Increasing discrimination against any group.
An example of a zero-sum game is
A. a consumer purchasing a used car from a used car dealer. B. the prisoners' dilemma. C. exchange. D. poker.