When LCD televisions first came on the market, they sold for at least $1,000, and some for much more. Now many units can be purchased for under $400. These facts imply that:
A. the LCD television industry was once competitive but is now monopolistic.
B. fewer firms produce LCD televisions than was the case five or ten years ago.
C. the demand curve for LCD televisions has shifted leftward.
D. the LCD television industry is a decreasing-cost industry.
Answer: D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Who should specialize in knitting sweaters?
A. Alexandra B. Natalia C. Both Natalia and Alexandra D. Neither Natalia nor Alexandra
In Figure 5-1 above, the impact of automatic stabilization is depicted by the movement from
A) A to F. B) A to B. C) A to C. D) D to A.
The inflation tax falls mostly heavily on
a. those who hold a lot of currency and accounts for a large share of U.S. government revenue. b. those who hold a lot of currency but accounts for a small share of U.S. government revenue. c. those who hold little currency and accounts for a large share of U.S. government revenue. d. those who hold little currency but accounts for a small share of U.S. government revenue.