Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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The purchasing power parity predicts that if US price level falls relative to the Mexico price level, then
a. Dollar value will rise relative to the peso b. Dollar value will fall relative to the peso c. There is no effect on either currency d. PPP predicts price level will normalize in the long-run
In the long run the monopolistic competitor _______ an economic profit and the perfect competitor ________ an economic profit.
A. makes; makes B. makes; does not make C. does not make; does not make D. does not make; makes
?Beginning from full-employment macro equilibrium, increase in government spending will cause real GDP to:
A. ?increase in the short run. B. ?decline in the long run. C. ?decline in the short run. D. ? increase in the long run.
A point outside a production possibilities curve indicates
A) that resources are not being used efficiently. B) an output combination that society cannot attain given its current level of resources and technology. C) that resources are being used very efficiently. D) that both goods are characterized by increasing costs.