Refer to the figure. Profit for the single-price monopoly in this diagram is ______, and under perfect price discrimination, profit is ______.
Fill in the blank(s) with the appropriate word(s).
Answer: $4.50; $18
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Several people in Neonland are expecting a sharp rise in the unemployment rate in the near future. Which of the following is likely to happen in this case?
A) The labor demand curves of firms in Neonland will shift rightward. B) Neonland's GDP will fall. C) Current consumption by households will increase. D) Investment by firms will increase.
In the IS curve, at __________ income levels, saving is __________, so the interest rate must be __________ to expand investment
A) higher; smaller; lower B) higher; larger; higher C) higher; larger; lower D) lower; larger; lower
Which is the most accurate statement?
A. If most economists had to choose between a tariff and a quota, she or he would choose a tariff as the lesser of two evils. B. Both tariffs and quotas are basically good for our economy because they keep out foreign imports. C. Tariffs and quotas are equally bad for our economy. D. Most economists prefer import quotas to tariffs.
Refer to the graph shown. The shift in the graph from D1 to D2 is least likely to be caused by:
A. expansionary fiscal policy that raises U.S. income. B. contractionary fiscal policy that increases U.S. exports. C. contractionary fiscal policy that reduces U.S. prices. D. expansionary fiscal policy that raises U.S. interest rates.