Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. Assume hamburgers are a normal good. An increase in income will cause a movement from
A. Point G to Point F.
B. S1 to S2.
C. D1 to D2.
D. Point A to Point B.
Answer: C
You might also like to view...
"With autonomous changes in the policy interest rate, the Federal Reserve cannot determine the long run equilibrium level of the real interest rate or potential output and will only be able to determine inflation"
This statement is consistent with ________. A) the notion that shifts in the MP curve may lead to shifts in the AD and AS curves but the LRAS remains unchanged B) the notion of long-run independence between nominal and real variables C) the notion of monetary neutrality D) all of the above E) none of the above
A high price-earnings ratio for a stock indicates that either the stock is
a. undervalued or people are relatively optimistic about the corporation's prospects. b. overvalued or people are relatively optimistic about the corporation's prospects. c. overvalued or people are relatively pessimistic about the corporation's prospects. d. undervalued or people are relatively pessimistic about the corporation's prospects.
In the short run, a firm should shut down its business if price is less than:
A. ATC. B. AR. C. MC. D. AVC.
Refer to Table 11.1. What is the value of personal consumption expenditures?
A) $3,000. B) $1,000. C) $4,350. D) $2,350.