Refer to Figure 2-4. A movement from Y to Z
A) represents an increase in the demand for plastic products.
B) is the result of a decrease in preference for food products.
C) is the result of advancements in plastic production technology.
D) is the result of advancements in food production technology.
C
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Use the figure above to answer this question. At a price level of 110
A) real GDP is greater than the aggregate quantity demanded and firms will cut production. B) real GDP is less than the aggregate quantity demanded and firms will increase production. C) inventories will decrease. D) real GDP less than the aggregate quantity demanded and firms will increase prices.
Attractive landscaping increases the property values of surrounding homes, creating a marginal benefit. The figure above represents the market for monthly landscaping contracts
a) What is the marginal social benefit of the 40th contract? Of the 60th contract? b) What is the marginal private benefit of the 40th contract? c) What is the marginal external benefit of the 40th contract? d) What is the unregulated competitive equilibrium price and quantity? e) What is the efficient quantity? f) What is the amount of the deadweight loss?
The difference between export spending on domestically produced goods and services by individuals in other countries and import spending on foreign produced goods and services by domestic residents is called:
A) net export expenditure. B) personal consumption expenditure. C) government expenditure. D) investment expenditure.
Who would most likely lobby Congress for a price support on wool?
a. retail sweater outlets b. consumers of wool caps c. taxpayers d. wool producers e. sheep