Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. At a price of $90, there is an excess
A. demand of 150 sunglasses.
B. demand of 600 sunglasses.
C. supply of 450 sunglasses.
D. supply of 600 sunglasses.
Answer: C
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If we are currently at point T, we can get to point S in the long run
A. through economic growth over a period of years.
B. immediately by using resources more efficiently.
C. immediately by reducing the unemployment rate.
D. immediately through technological development.
The original mission of the World Bank was to
A) provide capital to underdeveloped countries. B) provide capital to firms around the world. C) provide financial assistance for the reconstruction of war-damaged nations. D) provide a safe place for people around the world to put their money. E) help countries manage their exchange rates.
Distinguish the short run from the long run. Generally, what causes costs of production to vary with output in the short run? What generally causes costs of production to vary in the long run?
Suppose two countries have identical growth rates of real GDP and the same initial value of per capita real GDP. We know, then, that
A. economic well being is the same in both countries. B. living standards may differ in the two countries because we don't know how income is distributed in the countries. C. living standards in the two countries are probably identical, or very close to each other. D. life expectancies are the same in both countries.