Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. Producer surplus changes by the area [E + F] if price goes from equilibrium to
A. P1.
B. P3.
C. < P1.
D. > P3.
Answer: A
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On the modern Phillips curve, the initial impact of productivity improvements that lower the costs of production is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
________ questions have to do with explanation and prediction, ________ questions have to do with what ought to be
A) Positive; negative. B) Negative; normative. C) Affirmative; positive. D) Positive; normative. E) Econometric; theoretical.
In 1865 Jevons wrote a book, The Coal Question, in which he predicted that England would soon
a. switch from coal to alternative sources of energy b. discover new sources of coal that would create a glut c. go to war with Spain over access to coal deposits d. increase its productivity and become a greater economic power e. run out of coal
Upward mobility for those in poverty is
A. Not likely to happen at all because most people live in a caste system. B. More likely for people in rich nations than in poor nations. C. Equally likely for people in rich nations and poor nations. D. More likely for people in poor nations than in rich nations.