Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?
A) 200 B) 250 C) 300 D) 350
B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
If the Federal Reserve wants to increase the availability of money and credit, it can:
a. lower the discount rate. b. raise the reserve requirements. c. sell U.S. government bonds to the public. d. encourage banks to increase their prime lending rate.
Defenders of social regulation point out that:
A. social regulation is a better alternative than unregulated natural monopoly. B. critics who stress the high administrative and compliance costs of social regulation underestimate the social benefits that the regulations produce. C. the number of regulatory agencies has declined over the past two decades. D. social regulations reduce product prices.
The social cost of production is:
A. the private cost of production plus the external cost generated by production. B. the external cost generated by production. C. the private cost of production that is greater than the benefit of production. D. the external cost of production that is greater than the benefit of production.