Refer to the graph shown. If the price were at the market equilibrium price, the total surplus would be equal to:
A. 400.
B. 120.
C. 80.
D. 200.
Answer: D
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Production at points beyond the production possibilities frontier cannot be attained unless there is an increase in resources or an improvement in technology.
Answer the following statement true (T) or false (F)
Suppose that the exchange rate between Japanese yen and U.S. dollars is originally 130 yen to the dollar. If it then changes to 150 yen to the dollar, exports of U.S. goods to Japan will tend to: a. rise
b. fall. c. stay the same. d. change in an indeterminate direction.
Required reserves:
A. Must be held at the regional Fed bank. B. Represent the dollars that a bank can lend. C. Are the minimum amount of reserves a bank is required to hold. D. Are equal to total reserves minus expected reserves.
Which of the following examples is the only scenario that maximizes profits?
a. Cheap Energy stays at q1.
b. Cheap Energy moves from q1 to q*.
c. Cheap Energy moves from q1 to q2.
d. Cheap Energy stays at q2.