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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The main explanation for why the cheap foreign labor argument is a poor reason for restricting international trade is that:
a. workers who get paid less tend to have lower productivity than those who get paid more. b. all firms and workers gain when there are no restrictions on international trade. c. infant industries such as steel and automobiles need to be protected. d. specialization and free trade usually raise the prices of all the traded goods, so that the workers can get paid more. e. labor costs tend to be the same worldwide in the long run because of worker mobility.
Which of the following reduced the demand stimulus effects of the Fed's low interest rate policy pursued during, and after, the financial crisis of 2008-2009?
a. Declining stock prices during 2010-2012. b. A reduction in the velocity of money. c. An increase in earnings derived from money market accounts, saving deposits, and similar saving instruments. d. A sharp increase in the rate of inflation during 2009-2012.
Equilibrium price and quantity are determined by:
A. supply. B. both supply and demand. C. government regulations. D. demand.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.