The SRAS is ____; the LRAS is ____
a. upward sloping; upward sloping
b. upward sloping; vertical
c. vertical; upward sloping
d. vertical; vertical
b
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The SARS epidemic spreads rapidly throughout Toronto, Canada claiming millions of lives (capital vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
In a crop market with a price support above the equilibrium price, the total amount of the subsidy paid to farmers is equal to the
A) quantity of the surplus crop multiplied by the support price. B) quantity of the crop produced multiplied by the support price. C) quantity of the crop purchased by domestic users multiplied by the support price. D) quantity of the surplus crop multiplied by the equilibrium price. E) quantity of the crop purchased by domestic users multiplied by the equilibrium price.
A Nash equilibrium
i. is named after the Nobel prize winning economist, John Nash. ii. occurs when each player chooses the best strategy given the strategy of the other player. iii. must give the best possible outcome for each player. A) i only B) ii only C) iii only D) i and ii E) ii and iii
Refer to Table 19-23. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above
Use the information to compute real GDP in the year 2011 and 2016. Assume that 2011 is the base year. Is output higher in 2016 or 2011? Why?