Refer to the information provided in Figure 25.1 below to answer the question(s) that follow.
Figure 25.1Refer to Figure 25.1. A movement from Point A to Point C can be caused by
A. an increase in the interest rate.
B. a decrease in the interest rate.
C. a decrease in nominal income.
D. an increase in nominal income.
Answer: A
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The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is true?
A) The lowest wage for which someone is willing to work is $18 an hour. B) The quantity of jobs increases to 400. C) The lowest wage for which someone is willing to work is $20 an hour. D) 200 workers are employed. E) The quantity of jobs demanded is more than the quantity supplied.
Fisher's quantity theory of money suggests that the demand for money is purely a function of ________, and ________ no effect on the demand for money
A) income; interest rates have B) interest rates; income has C) government spending; interest rates have D) expectations; income has
Total revenue falls as the price of a good increases if price elasticity of demand is
a. Perfectly elastic b. Inelastic c. Unitary elastic d. Elastic
Which of the following is a characteristic of a monopolistically competitive market?I. Each firm is a price-taker.II.Firms sell slightly differentiated products.III.Each firm faces a downward-sloping demand curve.
A. I only B. I and II only C. II and III only D. I, II, and III