Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Adding the assumption of pure competition and complete flexibility of all prices and wages to the rational expectations hypothesis yields a theory that provides support for
A) passive policy making. B) active policy making. C) discretionary policy making. D) unemployment reducing policy making.
During rush hours, long lines of traffic clog the only bridge to town. This bridge is an example of
a. market inefficiency b. obligatory controls c. a decreasing externality cost d. a pure public good e. a near public good
The annual interest payment divided by the bond's price is the
A. Current yield. B. Default value. C. Market price. D. Risk yield.
When the economy goes through ups and downs over time:
A. it affects the supply of labor. B. economists call this pattern the business cycle. C. it is not reflected by changes in GDP growth. D. All of these are true.