Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. A decrease in Jerry's income is represented by
A. a movement from Point C to A.
B. a decrease in the slope of Jerry's consumption function.
C. a movement from Point B to A.
D. an upward shift in Jerry's consumption function.
Answer: A
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Which of the following is a feature of a customs union?
a. The agreement only affects trade among members. b. The agreement only affects trade with nonmembers. c. The agreement establishes free trade among its members and a common trade policy with nonmembers d. The agreement provides mere guidelines and does not obligate members to any given policy. e. The agreement prohibits all tariffs.
The figure below shows a shift in the production-possibility curve of a country from AB to AC. Here, S1 and C1 are the initial production and consumption points, respectively. S2 and C2 are the final production and consumption points, respectively. Which of the following is illustrated by this figure?
A. The benefits of trade in a small country B. The mechanism of reversal in trade pattern C. The immiserizing growth effect in a large country D. The validity of the product cycle hypothesis
The city of Logan Square needs $40 million for a network of streetlights. There are 20,000 residents in the Logan Square neighborhood, meaning the cost for each resident is $2,000. Mr. Miller refuses to donate $2,000 towards the project. This is an example of the problems encountered with:
A. consumer goods. B. capital goods. C. private goods. D. public goods.
The first signs of major financial problems associated with the financial sector and real estate investment appeared in 2009.
Answer the following statement true (T) or false (F)