Figure 3.5 illustrates the supply of tacos. An increase in the price of ground beef, which is used to make tacos, would most likely cause a movement from:
A. point a to point b.
B. point c to point b.
C. S2 to S1.
D. S0 to S1.
Answer: C
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A perfectly competitive firm trying to maximize profits in the short run will expand output
A. until total revenue equals total cost. B. until marginal cost equals average variable cost. C. until marginal cost begins to rise. D. as long as marginal revenue is greater than marginal cost.
The expansion of human capital and the discovery of new technologies ________ because ________
A) decrease real GDP; they shift the productivity curve downward B) increase real GDP; they result in a movement upward along the productivity curve C) increase real GDP; they shift the productivity curve downward D) increase real GDP; they shift the productivity curve upward E) decrease real GDP; they shift the productivity curve upward
When the central bank is focusing on internal balance, their main target in the economy is
A) a desired level of real GDP. B) a balance of payments equilibrium. C) a certain level of real money balances. D) reducing government debt.
In consumer lending, asymmetric information
A) happens only with securitization. B) cannot be dealt with using the same techniques as in business lending. C) can be partly offset using the same techniques as in business lending. D) may be virtually eliminated as a problem by just a collateral requirement.