Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth.
B. a change in society's preferences for motorcycles versus hybrid cars.
C. a reduction in unemployment.
D. an improvement in technology.
Answer: B
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In the figure above, the demand curve shifts rightward from D0 to D1 so that D1 is the relevant demand curve. Suppose the government imposes a rent ceiling of $500 per month. In the short run there will be
A) a surplus of apartments. B) a shortage of 200,000 apartments. C) a shortage of 300,000 apartments. D) neither a shortage nor a surplus of apartments.
Critics of advertising make which of the following claims about advertising? i. It often creates "needs" for trivial products. ii. It manipulates people's tastes. iii. It uses scarce resources and raises costs
a. (i) and (ii) only b. (i) only c. (ii) only d. (i), (ii), and (iii)
Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the total economic surplus from this transaction was:
A. $215 B. $195 C. $185 D. $30
Medicare covers all those
A. who are both young and poor. B. unable to pay its premiums. C. over 65. D. eligible for Social Security benefits.