Refer to Figure 11-1. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) C to A. B) A to B. C) B to A. D) B to C.
A
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If a good is scarce
A) some criteria must be established to determine who gets what. B) its price is above the market-clearing level. C) its price is below the market-clearing level. D) the quantity demanded is greater than the quantity supplied. E) the supply is less than the demand.
The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) decreases; falls C) decreases; rises D) increases; falls
Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
Illustrate with a graph the effects of monetary policy on the economy when exchange rates are flexible
What will be an ideal response?