Refer to the above figure. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new short-run equilibrium is given by point
A. A.
B. B.
C. C.
D. D.
Answer: B
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The above figure shows the market for finish carpenters in Bozeman. There is a minimum wage set at $18
Compared to the initial equilibrium without the minimum wage, once the minimum wage is in place, and after taking account of job search, the total workers' surplus ________ and the total firms' surplus ________. A) decreases; increases B) increases; increases C) increases; decreases D) does not change; increases E) decreases; decreases
Refer to Figure 11-8 above to answer the following questions
a. Identify the curves in the diagram. A ________ B ________ C ________ b. What is the numerical value of fixed cost when the quantity of output=10? c. What is the numerical value of variable cost when the quantity of output=10? d. What is the numerical value of total cost when the quantity of output =10? e. What is the numerical value of average fixed cost when the quantity of output =10? f. What is the numerical value of average total cost when the quantity of output =10? g. On the graph identify the area that represents the total variable cost of production when the quantity of output =10. h. On the graph identify the area that represents the fixed cost of production when the quantity of output =10.
In economics, money is defined as
A) the total value of one's assets in current prices. B) the total value of one's assets minus the total value of one's debts, in current prices. C) the total amount of salary, interest, and rental income earned during a year. D) any asset people generally accept in exchange for goods and services.
Which of the following is responsible for the Fed's daily activity in financial markets?
A. The Board of Governors. B. Bank of America. C. The House of Representatives Ways and Means Committee. D. The FOMC.