Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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Economists assume that households and firms share two important characteristics. One of these characteristics is that
A) they smooth spending during recessions and expansions. B) they act rationally to meet their objectives. C) they only consider the present when making decisions. D) the growth rate in spending by each is equally volatile.
Which of the following would a person who believed in the doctrine of laissez faire disapprove of?
(A) The invisible hand of the marketplace. (B) Government funding of education. (C) Self-interest as the motivating force in the free market. (D) Consumer sovereignty.
If a profit-seeking competitive firm is producing its profit-maximizing output and its total fixed costs fall by 25 percent, the firm should:
A. use more labor and less capital to produce a larger output. B. not change its output. C. reduce its output. D. increase its output.
Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables?PriceQuantity SuppliedQuantity Demanded$20040$251040$302040$353040$404040$455040
A. Qs = 2P - 40; Qd = 40, respectively B. Qs = P - 20; Qd = 40, respectively C. Qs = P - 40; Qd = 40P, respectively D. cannot be determined