Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. higher; potential
D. lower; higher
Answer: A
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The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this price ceiling is in effect, deadweight loss equals ________
A) $1,600,000 B) $200,000 C) $800,000 D) $1,800,000 E) $400,000
General Electric (GE) produces wind turbines that generate wind power. Over the past 10 years, the advances in technology used to produce wind turbines has resulted in
A) a movement up along the supply curve for wind-generated power. B) a rightward shift in the supply curve for wind-generated power. C) a decrease in the supply of wind-generated power. D) GE increasing the quantity supplied of wind turbines.
Refer to Figure 10-6. A change in income is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Which of the following is NOT considered a determinant of income differences?
A) productivity B) age C) discrimination D) equity or fairness