Profit maximizing (or loss minimizing) level of output
A. is OU.
B. is OV.
C. is OW.
D. cannot be found on this graph.
B. is OV.
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Refer to the above figure. Assume that B is the current long-run aggregate supply (LRAS) curve and E is the current short-run aggregate supply (SRAS) curve
If a 90-day embargo of oil from the Middle East to the United States were announced, and if after that 90-day period oil prices were expected to return to normal pre-embargo prices, then you would expect A) the LRAS and the SRAS to remain at B and E, respectively. B) the LRAS to remain at B, but the SRAS to shift to D. C) the LRAS to remain at B, but the SRAS to shift to F. D) the LRAS to shift to C, and the SRAS to shift to F.
From the table above, which gives data about the U.S. labor market in 1933, the labor force is
A) 48 million. B) 60 million. C) 65 million. D) 100 million. E) 12 million.
Human capital shortages are not a barrier to economic growth in developing countries.
Answer the following statement true (T) or false (F)
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net loss of producer surplus equals area(s)
A. B + C. B. D. C. E + F. D. B + C + E + F.