Exhibit 14-4 Aggregate supply and demand curves
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In Exhibit 14-4, point E2 represents:
A. real GDP above full-employment GDP.
B. real GDP that equals full-employment GDP.
C. a depression.
D. real GDP below full-employment GDP.
Answer: D
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Other things the same, a higher interest rate induces people to
a. save more, so the supply of loanable funds slopes upward. b. save less, so the supply of loanable funds slopes downward. c. invest more, so the supply of loanable funds slopes upward. d. invest less, so the supply of loanable funds slopes downward.
The J-curve effect in reference to the trade balance may persist:
a. for up to one year after the depreciation. b. permanently. c. for a few weeks only. d. for up to 10 years after the depreciation.
In which of the following industries are economies of scale exhausted at relatively low levels of output?
A. Aircraft production. B. Automobile manufacturing. C. Concrete mixing. D. Newspaper printing.
Figure 1A.1Refer to Figure 1A.1. If the hours worked per week are 20, the income per week is:
A. 50. B. 100. C. 150. D. 200.