Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If four drones are produced, total variable costs are
A. $17.50.
B. $20.
C. $70.
D. $120.
Answer: C
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In Keynes's liquidity preference framework, if there is excess demand for money, there is
A) an excess demand for bonds. B) equilibrium in the bond market. C) an excess supply of bonds. D) too much money.
The LM curve is the combinations of
A) the output gap and the real interest rate for which the money market is in equilibrium. B) the inflation rate and nominal interest rate for which the money market is in equilibrium. C) the inflation rate and real interest rate for which the money market is in equilibrium. D) the inflation rate and real interest rate for which the goods market is in equilibrium.
A permanent increase in income leads to
A) a small increase in current consumption. B) a large increase in current consumption. C) a small decrease in future consumption. D) a large decrease in future consumption.
What happens to total revenue if price increases and demand is inelastic? Why?
What will be an ideal response?