A sudden increase in immigration would be considered a(n):
A. interest-rate shock.
B. short-run supply shock.
C. long-run supply shock.
D. A change in immigration would not affect any of these.
Answer: C
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Refer to the market diagram. Of the surplus that consumers lose because there is a monopoly (and not perfect competition), how much is lost to the monopoly itself?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area C + D
b. Area E + H
c. Area A + B
d. Area C + D + E
When aggregate expenditure is given as Y= 600 + 0.5Y, short-run equilibrium output equals:
A. 800. B. 600. C. 400. D. 1,200.
In the long run, when an increase in the quantity of output decreases average total cost, this is called:
A. economies of scale. B. diseconomies of scale. C. constant economies to scale. D. minimum average total cost.
The U.S. market for interbank borrowing and lending is called the:
a. Primary market. b. Secondary market. c. Money market. d. Eurodollar market. e. Federal funds markets.