Refer to Figure 24-2. Ceteris paribus, an increase in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
C
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The key factor leading to the financial crises in Mexico and the East Asian countries was
A) a deterioration in banks' balance sheets because of increasing loan losses. B) severe fiscal imbalances. C) a sharp increase in the stock market. D) a sharp decline in interest rates.
During certain periods in the past few decades, if one of the three major breakfast cereal producers in the United States announced a price increase, the other two announced a similar price increase. This is a good example of
a. monopolistic competition b. a cartel c. a pure monopoly d. the kinked demand curve model of oligopoly e. the price leadership model of oligopoly
Which of the following is NOT given in the text as a problem with using surveys to determine consumer preferences?
A. Subjects are asked to imagine choices that they do not actually face, and few people take hypothetical questions as seriously as they would actual choices. B. Some people have difficulty forecasting their own behavior. C. People may answer with what they think they ought to do, not what they think they actually would do. D. Many people maliciously try to tamper with survey results by giving false answers.
In the table at? right, how many workers are employed when marginal product reaches its? maximum?
A. 1
B. 3
C. 4
D. 2