Exhibit 4-5 Supply and demand curves for computers
Which of the following changes could cause the computer market to change as shown in Exhibit 4-5?
A. Lower costs for computer chips and motherboards.
B. The failure of several computer manufacturers.
C. Higher prices for computer software.
D. More features and greater ease of use.
Answer: A
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In his 1967 address to the American Economic Association, Milton Friedman explained that increases in the money supply will temporarily reduce unemployment because:
a. wages do not respond to monetary policy. b. unions support policies that increase inflation. c. inflation benefits lenders. d. prices rise faster than wages.
High oil prices tend to harm the auto industry and benefit oil companies; therefore, high oil prices are an example of:
A. systematic risk. B. neither systematic nor idiosyncratic risk. C. both systematic and idiosyncratic risk. D. idiosyncratic risk.
Name the 6 pillars of free enterprise.
What will be an ideal response?
It is correct to state that a society which is on its production possibilities curve is
A. technologically inefficient. B. fully utilizing its productive resources. C. consuming too much output. D. underutilizing is resources.