Refer to the information provided in Figure 23.12 below to answer the question(s) that follow.
Figure 23.12Refer to Figure 23.12. Suppose AE1, AE2 and AE3 are not parallel. What is the value of Point A?
A. $540 million
B. $510 million
C. $450 million
D. cannot be determined from the given information
Answer: D
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As a share of total national income, government spending generally has
A) been constant over the last fifty years. B) increased over the last fifty years. C) decreased over the last fifty years. D) increased until ten years ago, and then decreased steadily.
If New York City expects that an increase in bus fares will raise mass transit revenues, it must think that the demand for bus travel is:
A. elastic. B. unit elastic. C. inelastic. D. perfectly inelastic.
Why is a small country more likely to gain from international trade than a large country?
a. Because autarkic relative prices in a small country are likely to be quite different from the world relative prices. b. Because a small country, unlike a large country, does not have the resources it needs to be self-sufficient. c. Because small countries tend to be specialized in their production, while large countries tend to be diversified. d. Because a small country is less likely to encounter decreasing returns to scale than is a large country.
According to the classical model, total employment will increase when
a. the birth rate increases b. the government creates more jobs c. the labor force increases d. individuals receive more education e. there is a recession