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 A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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The biggest disadvantage of a fixed exchange rate is the
A) increased probability of high inflation. B) tradeoff between supporting the exchange rate and adjusting the trade balance. C) tradeoff between supporting the exchange rate and maintaining economic growth. D) increased probability of a trade deficit. E) tradeoff between supporting the exchange rate and maintaining a balanced budget.
Which of the following is not a criticism sometimes leveled at monopolies? a. A monopoly promotes inefficiency
b. A monopoly creates a welfare loss. c. A monopoly retards innovation. d. A monopoly leads to improved economies of scale in production.
The relationship between consumer spending and disposable income is called the
a. conjunction function. b. consumption function. c. aggregate demand function. d. marginal spending function.
When the price level falls,
A. real income rises. B. real income falls. C. real GDP demanded increases. D. real GDP demanded decreases.