Refer to Figure 7.1. Which of the following includes unaffordable combinations of movies and T-shirts?
A. A, B and C
B. B, C and D
C. C, D and F
D. A, C and E
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
When there is a shortage of dollars in the foreign exchange market, the
A) U.S. exchange rate will appreciate. B) supply curve of dollars shifts rightward to restore the equilibrium. C) demand curve for dollars shifts leftward to restore the equilibrium. D) U.S. exchange rate will depreciate. E) supply curve of dollars shifts leftward to restore the equilibrium.
According to the graph shown, if this economy were to open to trade, surplus would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. increase overall.
B. decrease for the producer.
C. transfer from producer to consumer.
D. increase for the consumer.
As a general rule, a recession occurs when there is a six consecutive month fall in:
a. nominal GDP. b. real GDP. c. the price level. d. the trade balance.