Refer to Figure 4.3. Which diagram most likely represents the indifference map for a good and a "bad"?
A. A
B. B
C. C
D. D
B. B
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Which of the following would be the most accurate means for the government to obtain information about the value of irrigation water for farmers to be supplied by the construction of a new dam?
a. Survey the farmers. b. Hire experts to provide an estimate. c. Use the current cost to farmers of withdrawing water from underground sources. d. Conduct an economic study of how an increase in water supply would affect farmer income.
An increase in the money wage rate
A) increases the long-run aggregate supply. B) decreases the long-run aggregate supply. C) increases the short-run aggregate supply. D) decreases the short-run aggregate supply.
The Keynesian framework indicates that government can play an important role in determining aggregate output by
A) changing the level of government spending or taxes. B) raising consumer confidence. C) raising investor confidence. D) changing the money supply and interest rates.
All of the following are characteristics of a monopolistically competitive industry EXCEPT
A) homogeneous products. B) many firms. C) low barriers to entry and exit. D) sales promotion and advertising.