Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward
B. Short-run aggregate supply shifting downward
C. Aggregate demand shifting rightward
D. Aggregate demand shifting leftward
Answer: B
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Refer to Table 2-5. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber C) 12 board feet of lumber D) 16 board feet of lumber
All of the following can cause conflict between divisions EXCEPT
a. Coordination between divisions does not benefit all divisions equally b. managers of profit centers care too little about the effects of their decisions on other divisions c. corporate executives reward managers based on firm profitability instead of divisional profitability d. corporate executives cannot tell when one divisional manager's decisions are appropriate or not
Your purchase of a Gucci purse made in Italy would be classified as:
a. both c and d b. an investment good. c. a durable good. d. an import. e. an export.
Refer to Figure 9.1. At what price and quantity combination is profit maximized?
A. Q = 50; P = $5
B. Q = 50; P = $15
C. Q = 85; P = $10
D. Q = 85; P = $15