Refer to the information provided in Figure 34.3 below to answer the question(s) that follow.
Figure 34.3Refer to Figure 34.3. If the British price level decreases, the supply of pounds will
A. shift from S1 to S0.
B. shift from S0 to S2.
C. shift from S1 to S2.
D. not change.
Answer: A
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Refer to Figure 16-2. Suppose Plato Playhouse charges a single price of Pd for each performance. Which of the following statements is true?
A) The company is selling less than the profit-maximizing quantity in the non-student market and more than the profit-maximizing quantity in the student market. B) The company is selling less than the profit-maximizing quantity in both markets. C) The company is selling less than the profit-maximizing quantity in both markets but it is maximizing its revenue. D) The company is selling more than the profit-maximizing quantity in the non-student market and less than the profit-maximizing quantity in the student market.
If a union negotiated a wage above the market equilibrium wage, we would find
A) a surplus of laborers at the negotiated wage. B) a shortage of laborers at the negotiated wage. C) higher efficiency of labor at the negotiated wage. D) lower worker productivity at the negotiated wage.
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
a. $40. b. $60. c. $6,000. d. $8,000.
When an economy is operating well below its full-employment capacity and the marginal propensity to consume is 3/4, a $10 billion increase in investment will cause the equilibrium income to rise by
a. $5 billion. b. $10 billion. c. $20 billion. d. $40 billion.