Economists use the mechanism of supply and demand to study:
a. inflation
b. unemployment
c. environmental protection
d. both a and b
e. all of these
e
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Answer the next question on the basis of the following data. OutputTotal Cost0$24133241348454561669The average total cost of producing 3 units of output is
A. $14.00. B. $16.00. C. $12.00. D. $13.50.
Refer to the above table. Based on the information in the table, we can say that
A) all three goods are substitutes for each other. B) all three goods are complements. C) X and Y are substitutes, Y and Z are complements, and X and Z are substitutes. D) X and Y are complements, Y and Z are substitutes, and X and Z are complements.
Which of the following is NOT an example of a regional trade bloc?
A) the North American Free Trade Agreement B) the European Union C) the Asian-Pacific Trade Agreement D) Mercosur
Changes in government spending
a. are an indirect component of the expenditures schedule. b. have a different multiplier effect than changes in business investment spending. c. are a direct component of the expenditures schedule and have the same multiplier effect as changes in business investment spending. d. do not have an effect on spending if they are matched by tax changes.