Refer to Table 19-5. The value added by the automobile dealer equals
A) $7,000. B) $15,000. C) $18,000. D) $25,000.
A
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According to the Law of Comparative Advantage,
A) production should be based on who can produce a product lowest opportunity cost. B) production should be based on who can produce more of a good. C) production should take into account strategic interests, such as national security. D) production should be for the people instead of for profit.
One of the interesting findings of a survey of firm managers by Blinder et al. is that:
A) the vast majority of firms pay considerable attention to marginal costs in making decisions about how much output to produce. B) the majority of respondents suggested that fixed costs are a relatively unimportant consideration when making output decisions. C) approximately 75 percent of respondents indicated that their marginal costs of production are rising over the relevant range of output. D) a significant percentage of respondents to the survey did not appear to understand the concept of marginal cost.
Explain what happens to the short-run aggregate supply curve when output exceeds its potential
What will be an ideal response?
Which of the following factors cause the IS curve to shift?
a. A change the money supply. b. A change in the level of taxes c. An autonomous investment change that shifts the investment function d. Both b and c e. All of the above