Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Refer to Figure 24-2. Ceteris paribus, an increase in workers and firms adjusting to having previously underestimated the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If the bank is selling euros for $0.74, then what is the implied euro price of the dollar?
A) 1.35 € B) 1.74 € C) 2.48 € D) None of these values are correct.
Maryanne expects to work for another 30 years and expects to live another 10 years after she retires. If Maryanne completely smooths consumption over her lifetime, her marginal propensity to consume out of permanent increases in income is
A) 0.25. B) 0.33. C) 0.67. D) 0.75.
Suppose I buy 3 cups of coffee at the price of $1 each. I would have been willing to pay $3 for that marvelous first cup, pay even $2 for the second cup, and $1—the market price —for the third cup. My consumer surplus is
a. $6 b. $5 c. $3 d. $2 e. $1