Use the graph below to answer the next question.
Other things equal, a decrease in the price of computers would cause a
A. move from a to b on D1 for computer programmers.
B. shift from D3 to D2 for computer programmers.
C. shift from D2 to D3 for computer programmers.
D. move from b to a on D1 for computer programmers.
Answer: C
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Refer to Figure 5-2. The deadweight loss due to the externality is represented by the area
A) abc. B) abd. C) abf. D) ade.
The production possibilities frontier cannot be used to show
A. scarcity in a society. B. the trade-offs involved in production decisions. C. the unequal distribution of resources among the members of society. D. All of the responses are correct.
Most goods in our economy are allocated in markets, where buyers pay for what they receive and sellers are paid for what they provide
a. True b. False Indicate whether the statement is true or false
If C represents aggregate consumption, Id represents domestic investments, G represents government expenditures, E represents national expenditures on goods and services, X represents foreign demands for exports, and M represents domestic demand for imports, then aggregate demand for this country equals
A. C + Id + G + (X - M). B. E + C + Id + (X - M). C. E + (M - X). D. C + Id + G.