________ reflects household willingness to pay, and ________ reflects the opportunity cost of the resources needed to produce a good.
A. Demand; price
B. Price; marginal cost
C. Price; average total cost
D. Marginal utility; price
Answer: B
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Everything else held constant, an increase in autonomous consumer spending will cause the IS curve to shift to the ________ and aggregate demand will ________
A) right; increase B) right; decrease C) left; increase D) left; decrease
Break-even quantity is a point where
a. Level of profit is maximized b. Level of cost is minimized c. Only variable costs are covered d. There is neither a profit nor a loss
Restrictions on imports
A. usually have no long-run effects on an economy. B. eventually reduce exports, too. C. are the quickest way for a country in recession to start on a path of economic recovery. D. enhance economic welfare by encouraging more exports.
Refer to the information provided in Figure 5.7 below to answer the question(s) that follow.
Figure 5.7The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve.Refer to Figure 5.7. Before the tax, store owners are willing to sell ________ pumpkins at a price of ________ each.
A. 1,200; $5.50 B. 1,200; $8.50 C. 700; $7.25 D. 0; $8.50