The existence of inflation does which of the following?
A) reduces tax distortions
B) reduces shoe-leather costs
C) allows for the possibility of negative real interest rates
D) reduces the costs associated with money illusion
C
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Given the production possibilities schedule in the above table, a combination of 75 televisions and 60 personal computers
A) is attainable but involves the unemployment of some of society's resources. B) clearly illustrates the trade-off between televisions and computers. C) cannot be produced by society, given its current level of resources and production technology. D) can be produced only if society is willing to have some of its resources used inefficiently.
Figure 11.4Figure 11.4 depicts demand and costs for a monopolistically competitive firm. If the firm's demand curve shifts to the left as more firms enter the market:
A. the firm's average cost will be higher at the new profit maximizing output level. B. the firm's average cost will be lower at the new profit maximizing output level. C. the firm's average cost will remain the same at the new profit maximizing output level. D. There is not sufficient information.
Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. The opportunity cost of 1 ________ is 4 ________ in the United States and 1.5 ________ in England.
A. car; cars; trucks B. car; trucks; trucks C. truck; cars; cars D. truck; trucks; cars
How does increased immigration affect the labor market? How would the equilibrium wage and the equilibrium quantity of labor be affected?