Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in demand are represented by a movement from
A) point c to point a. B) point d to point a. C) point d to point b. D) point b to point c.
C
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General equilibrium analysis
A. concerns competitive equilibrium only in the factor markets. B. concerns competitive equilibrium only in the product markets. C. concerns competitive equilibrium in a single market, considered in isolation. D. is the study of competitive equilibrium in many markets at the same time.
A bank provides:
A. liquidity; that is, access to cash when and where you want it. B. liquidity; that is, it connects buyers to sellers to ease saving and borrowing. C. risk diversification; that is, access to cash when and where you want it. D. risk diversification; that is, connecting buyers and sellers to ease saving and borrowing.
Opportunity cost always arises when a trade-off decision is made
a. True b. False Indicate whether the statement is true or false
When real GDP grows more slowly than potential GDP,
a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises.