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 E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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The increase in income generated by the additional government expenditure decreases the demand for money
Indicate whether the statement is true or false
Which one of the following is a normative economic statement?
A. The unemployment rate fell for the fourth straight month, reflecting the effects from stronger economic growth in the second quarter B. The worsening balance of trade must be corrected if this nation is to remain competitive in the world economy C. Consumer prices are rising at a faster rate than in past months, indicating a renewal of inflationary pressures on the economy D. To help balance the Federal budget, Congress increased the tax on gasoline to its highest level in the past ten years
Warranties reduce information asymmetry.
Answer the following statement true (T) or false (F)
The price elasticity of demand for a monopolist
A) is infinite since the monopolist is the only firm in the market. B) decreases as more competition occurs in the market. C) increases as similar products enter the market. D) is undefined due to the lack of competition.