Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A.
B. C to D.
C. B to D.
D. A to C.
Answer: B
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Which was not one of the main U.S. land acquisitions?
a. Mexican Cession b. Western Purchase c. Gadsden Purchase d. The Oregon Country
It is true of the demand side of the market for input pricing that
a. the same marginal productivity principle serves as the foundation for the demand schedule for each type of input. b. the demand schedule for one input cannot be determined independently of demand schedules for other inputs. c. the demand curve is the complete MRP curve. d. any inward shift in demand for a commodity will result in outward shifts in the demand curves for the inputs used to produce the commodity.
If the cost of producing sofas decreases, then consumer surplus in the sofa market will
a. increase. b. decrease. c. remain constant. d. increase for some buyers and decrease for other buyers.
Other things being equal, when average productivity falls:
A. average fixed cost must rise. B. marginal cost must rise. C. average variable cost must rise. D. average total cost must rise.