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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An expansion is:
A. the high point of economic activity prior to a downturn. B. the low point of economic activity prior to a recovery. C. a period in which the economy is growing at a rate significantly below normal. D. a period in which the economy is growing at a rate significantly above normal.
If price increases 6% and the quantity exchanged increases 4%, what does that tell us about the elasticity of demand? a. Demand is elastic
b. Demand is unit elastic. c. Demand is inelastic. d. It tells us nothing about the elasticity of demand.
Negotiation between a labor union and the firm that employs unionized workers is called
a. collective bargaining b. a strike c. return to monopsony power d. a labor dispute e. marginal revenue product of labor
There are two equidistant exits in a movie theater. However, one exit is used by a majority of the people after the end of a movie. This is an example of ________
A) herding B) anchoring C) signaling D) sniping