Refer to the following graphs.
Which of the graphs correctly labels the axes of the AS/AD model?
A. A
B. B
C. C
D. D
Answer: D
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In which of the following cases should the United States produce more noodles than it wants for its own use and trade some of those noodles to Italy in exchange for wine?
a. Americans know less than Italians know about cooking noodles. b. The United States has an absolute advantage over Italy in producing noodles. c. Italy has a comparative advantage over the United States in producing wine. d. The opportunity cost of producing a gallon of wine is the same for Italy as it is for the United States.
A leftward shift of the market demand curve for HDTVs, ceteris paribus, causes equilibrium price to
A. Decrease and quantity to increase. B. Increase and quantity to increase. C. Increase and quantity to decrease. D. Decrease and quantity to decrease.
A dilemma of regulation is that:
A. the regulated price that achieves allocative efficiency is also likely to result in persistent economic profits. B. the regulated price that results in a "fair return" restricts output by more than would unregulated monopoly. C. regulated pricing always conflicts with the "due process" provision of the Constitution. D. the regulated price that achieves allocative efficiency is also likely to result in losses.
The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is currently framing ________ posters if its average variable cost is $20 and its average total cost is $30.
A. 25 B. 100 C. 5 D. an indeterminate number of