Refer to Figure 10-6. A change in the price of popcorn only is shown in
A) Panel A. B) Panel B.
C) Panel C. D) none of the above panels.
A
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If a firm is maximizing its profit and producing less than the output at which its average total cost is minimized, then that firm
A) must be suffering an economic loss. B) must be earning an economic profit. C) has excess capacity. D) is producing at its capacity output. E) must be earning a normal profit.
When the Fed attempts to increase real GDP and employment by ________ its target for the federal funds rate, it is conducting ________ monetary policy
A) raising; expansionary B) raising; contractionary C) lowering; expansionary D) lowering; contractionary
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. grow less corn, but not change their production of soy beans. B. grow more corn, but not change their production of soy beans. C. switch away from growing soy beans and into growing corn. D. switch away from growing corn and into growing soy beans.
Proposals for bilateral reduction of tariffs in the U.S. and Canada have been developed through
A. SDR. B. UNESCO. C. GATT. D. NAFTA.