Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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The income effect of an increase in the price of peaches is
A) the change in the quantity of other fruit demanded that results from the impact of the price change on purchasing power, holding all other factors constant. B) the change in the quantity of peaches demanded that results from the effect of the change in price on consumer purchasing power, holding all other factors constant. C) the change in the demand for peaches as a result of the change in the price of peaches, holding all other factors constant. D) the change in the quantity of peaches demanded that results from the price increase, making peaches more expensive than other fruit, holding constant the effect of the price change on consumer purchasing power.
Which of the following goods are available at highly economical prices because the use of mass production techniques substantially reduces their per unit production costs?
a. automobiles b. DVD players c. microwave ovens d. all of the above
A firm might offer efficiency wages to reduce worker turnover and thereby reduce production costs
a. True b. False Indicate whether the statement is true or false
The world price of a pound of almonds is $4.50 . Before Uruguay allowed trade in almonds, the price of a pound of almonds there was $3.00 . Once Uruguay began allowing trade in almonds with other countries, Uruguay began
a. exporting almonds and the price per pound in Uruguay remained at $3.00. b. exporting almonds and the price per pound in Uruguay increased to $4.50. c. importing almonds and the price per pound in Uruguay remained at $3.00. d. importing almonds and the price per pound in Uruguay increased to $4.50.