Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs. Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
D
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An outward shift of an economy's production possibilities curve is not caused by:
A. an increase in capital. B. an increase in labor. C. an advance in technology. D. a decrease in unemployment.
An economic rationale for government protection of small investors is that:
A. many small investors cannot adequately judge the soundness of their bank. B. there is inadequate competition to ensure a bank is operating efficiently. C. banks are often run by unethical managers who will often exploit small investors. D. large investors can better afford losses.
Suppose that the real Gross Domestic Product (GDP) growth rate for a country was 2 percent and the population growth rate was 2 percent. What would the per capital real Gross Domestic Product (GDP) growth rate be for this country?
A. -6 percent B. 0 percent C. 6 percent D. None of these
Under perfect competition, the firm's supply curve is made up of the
A. points where MC=MR, and they make at least breakeven. B. points where MC=MR, and they make a profit. C. points where MC=MR. D. points where MC=MR above the minimum of AVC.