Refer to the two diagrams for individual firms. Figure 1 pertains to:





A.  an imperfectly competitive firm.

B.  a purely competitive firm.

C.  an oligopolist.

D.  a pure monopolist.


B.  a purely competitive firm.

Economics

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Identify the scenario that will cause the supply curve to shift to the left

a. Producer expects now that the price will be lower later b. Price decreases for a substitute in production c. Input price increases d. Increase in number of suppliers

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John Maynard Keynes believed that the equilibrium level of national income is primarily determined by aggregate expenditures

Indicate whether the statement is true or false

Economics

The law of comparative advantage applies to exchange between

a. individuals. b. regions. c. nations. d. all of the above.

Economics

The following provides data for an economy in a certain year.  Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the government purchases component of GDP.

A. $40 B. $30 C. $10 D. $20

Economics