The above figures show the market for oranges. Which figure(s) shows the effect of new successful advertising campaigns to eat more oranges?
A) Figure A
B) Figure B
C) Figure D
D) Figures A and D
A
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In Figure 3-5 above, saving is positive at
A) point J. B) point K. C) point L. D) all of the above.
One key assumption lying behind the policy irrelevance proposition is that
A) wages are "sticky" downward. B) prices are "sticky" upward. C) the rational expectations hypothesis is correct. D) markets are not purely competitive.
From society's point of view, the amount of air and water pollution that currently exists is excessive. Which of the following statements are explanations of this excessive pollution?
a. Firms that cause air and water pollution are not paying the full social costs of producing their output. b. Consumers, who purchase goods from firms that pollute, are not paying a price for these goods which totally reflect the social costs of producing the goods. c. Private property rights for clear air and clean water are not currently well defined by the judicial system; hence private individuals cannot charge polluters for the external costs these polluters impose on private individuals. d. All of these.
If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?
a. the consumer price index b. nominal GDP c. the GDP deflator d. real GDP