Refer to the graph shown. An economy is in short-run equilibrium at point(s):
A. A only.
B. B.
C. C only.
D. Both A and C.
Answer: D
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Which of the following is true? a. The private market provides too much of goods that generate external benefits
b. In the case of external benefits, if we could add the benefits that are derived by non-paying consumers, the supply curve would shift to the right, increasing output. c. In the case of external benefits, a tax equal to external benefits would result in an efficient level of output. d. In the case of public goods, when people act as free-riders, some goods having benefits greater than costs will not be produced.
If a nation has GDP of $12,500 billion and GDP per capita of $62,500, what is the nation's population?
A. 200 million. B. 625 million. C. 180 million. D. 230 million.
Refer to the graph below. From the economists' perspective, which is the independent variable and which is the dependent variable?
A. Price is the independent variable and quantity demanded is the dependent variable
B. Price is the dependent variable and quantity demanded is the independent variable
C. Both price and quantity demanded are independent variables
D. Both price and quantity demanded are dependent variables
In the Solow model, if total saving exceeds depreciation:
A. capital deepening stops. B. gross investment is negative. C. real wages decrease. D. capital stock increases.