Refer to the graph shown. If a firm wants to produce 300 units of output, it should use the plant size represented by:
A. SATC1.
B. SATC2.
C. SATC3.
D. SATC4.
Answer: A
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Which one of the following states a central element of the economic way of thinking?
What will be an ideal response?
In 2014, the average inflation rate in the OECD countries was
A) 1.7%. B) 2.3%. C) 5.2%. D) 3.8%. E) 10.5%.
Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of an increase in the price of a complement for a good?
A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4
If the consumer's income increases while the prices of both goods remain unchanged, what will happen to the budget line?
A) The budget line rotates inward from the intercept on the horizontal axis. B) The budget line rotates outward from the intercept on the vertical axis. C) The budget line shifts inward without a change in slope. D) The budget line shifts outward without a change in slope.