Prolonged war on a country's home soil is likely to expand a country's labor supply
Indicate whether the statement is true or false
F
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Consumer surplus from a given purchase is the difference between what one was willing to pay for that purchase and what was actually paid
What will be an ideal response?
Figure 5-4
In Figure 5-4, the rightward shift in budget lines from the one containing point A to the one containing point B
a.
resulted from equal price reductions in beer and wine.
b.
resulted from an increase in the consumer's income.
c.
could have been caused by income or price changes.
d.
All of the answers above are correct possibilities.
e.
None of the above is correct.
In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are
A) MR = MC and P = MC. B) P = ATC and P = MC. C) MR = MC and P = ATC. D) MR = MC = P.
Velocity can be calculated as the ratio of the value of transactions to
a. the price level. b. level of real GDP. c. the money stock. d. the inflation rate.