Refer to the following graph.
Although this monopolist could technically keep average total costs down to C0, its costs are C1. This is an example of a(n):
A. monopolistic minimizer.
B. lazy monopolist.
C. Y-inefficient firm.
D. oligopolistic market.
Answer: B
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In the TE-TP framework, total production
A) always equals total expenditures. B) equals Real GDP. C) is always greater than total expenditures. D) is always less than total expenditures.
Exhibit 2-17 Production possibilities curve
In Exhibit 2-17, if countries A and B currently have the same production possibilities curve (PPC) as given in the figure, but this year country A locates at point A on its PPC and country B locates at point B on its PPC, then country A:
A. is more efficient than country B. B. will grow at a faster rate than country B. C. will grow at a slower rate than country B. D. is producing more capital goods than country B.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Which of the following statements is CORRECT?
I. The exchange rate is a price. II. The exchange rate is different from other prices because it is NOT determined by supply and demand. A) only I B) only II C) I and II D) neither I nor II