The figure above shows the U.S. production function. From 1986 to 2008 the United States experienced major advances in technology as well as an increase in the working-age population. The combined effect can best be shown by a
A) movement from point W to point X.
B) movement from point Y to point Z.
C) movement from point Y to point X.
D) movement from point W to point Z.
D
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In the above figure, if the market quantity is restricted to 500,000 and the price is allowed to rise to set the quantity demanded equal to the quantity supplied, then the producer surplus is equal to
A) area D + area F. B) area C + area E. C) area A + area B + area C. D) area A + area B. E) area B + area D + area F.
The United States
A) has never had a significant problem with corruption. B) currently is one of the most corrupt countries. C) currently ranks among the least corrupt countries. D) had a significant problem with corruption in the 1930s.
An adverse supply shock that is permanent shifts which curve in addition to the curves shifted by one that is temporary?
A) The LM curve B) The IS curve C) The FE line D) The labor demand curve
If a commercial bank is short of reserves, it can obtain funds by
a. recalling loans. b. borrowing from another commercial bank. c. borrowing from its Federal Reserve Bank. d. all of these methods.