Which of the following is purchased in a product market?
A. The skills of an X-ray technician.
B. Undeveloped farmland in Texas.
C. Crude oil.
D. Cell phone service.
Answer: D
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Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question.
Assume that D1 and S1 are the initial demand for and supply of dollars. Suppose that Britain's demand for dollars increases from D1 to D2. If the British government wishes to fix the exchange rate at the initial level, then it would be faced with a problem of ________.
A. rationing Q2 dollars among British importers who would like to acquire Q3 dollars B. rationing Q3 dollars among British importers who would like to acquire Q2 dollars C. deteriorating terms of trade D. a rise in the pound price of dollars
Comparing the aggregate supply curve and the short-run Phillips curve, we see that they
A) both exist because real wage rate is fixed in the short run. B) both exist since money wages are flexible. C) each describe different parts of the economy. D) describe the same phenomena but contradict each other. E) both exist because money wage rate is fixed in the short run.
In the figure above, when 2,000 pizzas are produced, the marginal benefit of a pizza ________ its marginal cost, which means ________ pizza is being produced
A) exceeds; too little B) exceeds; too much C) is below; too much D) is below; too little E) equals; the efficient quantity of
Horizontal and vertical demand curves
A) have constant elasticities. B) are not possible in the real world. C) have elasticities that change with price. D) cannot have their elasticities computed using the point method.