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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In the United States, most periods of very high inflation occurred
A) during times of war. B) during recessions. C) in the past 25 years. D) before the year 1800.
A firm producing a smoke externality is producing
a. more than the socially optimal quantity of output. b. less than the socially optimal quantity of output. c. exactly the socially optimal quantity of output. d. There is insufficient information to answer.
GDP would be a better measure of economic well-being if it included:
A. the value of leisure. B. the market value of final goods. C. the costs of education. D. the total value of intermediate goods.
Society would be better off with more products that create beneficial externalities.
Answer the following statement true (T) or false (F)