Refer to the graph shown. A decrease in input prices in the short run is likely to cause a movement from:
A. B to D.
B. C to A.
C. B to A.
D. C to D.
Answer: C
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Rational production decisions require an understanding of
A. trade-offs. B. opportunity costs. C. scarcity of resources. D. All of the responses are correct.
Use the following graphs to answer the next question.
A short-run equilibrium that would produce profits for a monopolistically competitive firm would be represented by graph
A. A. B. B. C. C. D. D.
Compared to the 1960s, the effectiveness lag is ________ due to ________
A) shorter, changes in fiscal policy B) longer, structural changes in the economy C) shorter, deregulation D) longer, increased sensitivity of consumer spending to interest rates
The unemployment rate for the economy as a whole is a(n)
a. normative value judgment b. positive value judgment c. microeconomic statistic d. macroeconomic statistic e. example of an economic model