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 E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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In the short run, a fiscal policy action that results in a reduction in the size of the budget deficit will cause
A) a reduction in real GDP with falling prices if the economy was below or at full employment. B) an inflationary gap if the economy was initially operating below full employment. C) an inflationary gap if the economy was initially operating at full employment. D) an increase in real GDP with stable prices if the economy was below full employment.
Because of the high cost of fuel, railroads such as Union Pacific Corp and CSX Corp have increased the price they charge to haul freight. This change means that
A) the demand curve for hauling freight has shifted leftward. B) the supply curve for hauling freight has shifted leftward. C) the demand curve for hauling freight has shifted rightward. D) the supply curve for hauling freight has shifted rightward. E) neither the supply curve nor the demand curve for hauling freight has shifted; the only change is that the price is higher.
The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall. b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall. c. There will be excess demand for labor in the market for unskilled labor in Zorabia. d. There will be excess supply of labor in the job market for skilled workers.
The payoff matrix is a fundamental tool of
a. monopolistic competition. b. game theory. c. corporate finance theory. d. regulatory oversight.