Refer to the information provided in Figure 23.7 below to answer the question(s) that follow.
Figure 23.7Refer to Figure 23.7. In Azora, planned investment does not vary with income. Azora's planned investment function is represented by
A. Panel A.
B. Panel B.
C. Panel C.
D. Panel D.
Answer: B
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Refer to Figure 18.4. With a tariff or quota, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40
When Toyota introduced its 2010 Prius, it announced that the average retail price of the 2010 model would be lower than the average retail price was for the equivalent 2009 model. Which of the following would explain the price differential?
A) The supply of the Prius had decreased, and the demand for the Prius remained unchanged. B) The demand for the Prius had increased, and the supply of the Prius remained unchanged. C) The demand for the Prius had decreased, and the supply of the Prius had increased. D) The demand for the Prius had increased, and the supply of the Prius had decreased.
"Free riding" is a characteristic of which type of good?
A) a private good B) a good that is both rival and excludable C) a public good D) a common resource
The notion that expectations will be identical to optimal forecasts using all available information is known as ________
A) adaptive expectations B) irrational expectations C) rational expectations D) tertiary expectations