Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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If a monopoly's Lerner Index exceeds 1, then
A) it is earning maximum profit. B) it has ultimate market power. C) it must be pricing below marginal cost. D) marginal revenue is negative.
To earn profits, the market maker must
a. bid high, ask low b. bid low, ask high c. equalize the bid and ask price d. not create the market
Crowding-out occurs when
A. workers lose jobs as a result of anti-inflationary fiscal policies. B. the federal government engages in bond sales to finance its budget deficit. C. the Congress enacts budget cuts to balance the budget. D. tax revenues rise more slowly than anticipated, resulting in the need to cut government spending.
Managers and entrepreneurs are
A) the same. B) different. C) assume risk. D) always stockholders.