Econ - AAs or Fig/Tabs

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Refer to Figure above. the shift of the production possibilities frontier from A to B illustrates

economic growth.

In a market economy, supply and demand are important because they

All of the above are correct.

Refer to Figure above. When the price ceiling applies in this market and the supply curve for gasoline shifts from S1 to S2,

a shortage will occur at the new market price of P2.

In the circular flow diagram, firms produce

Both (a) and (b) are correct

Opponents of the minimum wage point out that the minimum wage

All of the above are correct

Which of the following causes of unemployment is associated with a wage rate above the market equilibrium level?

All of the above are correct.

Suppose a basket of goods and services has been selected to calculate the CPI and 2002 has been chosen as the base year. In 2002, the basket's cost was $75.00 ; in 2004, the basket's cost was $79.50 ; and in 2006, the basket's cost was $85.86. The value of the CPI was

All of the above are correct.

Refer to Figure below. Which of the following is consistent with the graph depicted above?

New government regulations decrease the profitability of new investment.

Refer to Figure above. _______ is (are) inefficient in that not all resources are being used.

Point A, and point C is (are) unattainable with current resources.

Refer to Figure above. Which country has a comparative advantage in the production of coconuts?

Guatemala.

Refer to Figure above. An increase in the number of firms in the market would be represented by a movement from

S1 to S2.

Refer to Figure above. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink. Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases?

Panel (d)

Refer to Figure above. Which of the following is consistent with the graph depicted above?

Technological change increases the profitability of a new investment.

Refer to Figure above. Crowding out of firm investment as a result of a budget deficit is illustrated by the movement from ______ in the graph above.

A to B

Refer to Figure above. If the US economy is currently at point N, which of the following could cause it to move to point K?

Household expect future income to decline.

Refer to Figure above. In the figure above, the money demand curve would move from Money demand1 to Money demand2 if

the price level increased.

Refer to Figure above. In the figure above, the movement from point A to point B in the money market would be caused by

an open market sale of Treasury securities by the Federal Reserve.

Which of the following is a function that money serves?

All of the above are correct.

Refer to Figure above. In the figure above, the movement from point A to point B in the money market would be caused by

an increase in the price level.

Refer to Figure above. If the U.S. economy is currently at point K, which of the following could cause it to move to point N?

The price level in the United States falls relative to the price level in other countries.

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