Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in ________ in the price received and kept by sellers and a ________ in the price paid by buyers
A) a rise; rise B) a rise; fall C) a fall; rise D) a fall; fall E) no change; rise
British economist A. H. Phillips published his famous paper on the relationship between inflation and unemployment during ______.
a. the Great Depression b. World War II c. the 1950s d. the 2008 financial crisis
Under both perfect competition and monopoly, a firm:
A. is a price taker. B. is a price maker. C. will shut down in the short-run if price falls short of average total cost. D. sets marginal cost equal to marginal revenue.
Expansionary fiscal policy fails to achieve the government's national economic goals. Some economists claim it is due to indirect crowding out. What evidence would be consistent with this claim?
A. The price level decreased. B. The interest rate increased. C. Saving decreased. D. An increase in consumer spending occurred.