What should the purple star be labeled as?
deflationary gap
What is happening between x and y?
balance of payments deficit worsens
What does this graph illustrate?
ad valorem tax
What does this graph illustrate?
j curve effect
What does this graph illustrate?
negative externalities of production
What does this graph illustrate?
aggregate demand
What does this graph illustrate?
movement along the d curve for soccer boots
What does this graph illustrate?
price and output in a monopoly
What does this graph illustrate?
perfectly elastic supply
Which country has the comparative advantage in the production of cheese?
Poland
If an economy is at point A on this graph, what does this graph illustrate?
difference between actual and potential output
What does this graph illustrate?
comparative advantage
Which country has greater inequality?
Brazil
What should the be the label where the red star is?
welfare gain
What does this graph illustrate?
the phillips curve
What does this graph illustrate?
lorenz curve
What does this graph illustrate?
poverty cycles
What does Q4 represent?
total production after the tariff
What does this graph illustrate?
perfectly inelastic demand
What should the numbers 1, 2 and 3 be labeled as?
spare capacity intermediate range full employment
What does this graph illustrate?
Keynesian LRAS curve
What should be labelled where the black star is?
external costs
What do areas c and f represent?
welfare loss
What does this graph illustrate?
laffer curve
What do the 3 boxes on the left side represent?
leakages
What does this graph illustrate?
positive externalities of consumption
What does this graph illustrate?
SDGs or sustainable development goals
What does this graph illustrate?
floating currency
What is domestic production before and after the tariff?
before q1 after q2
What is happening in this firm after the level of output Q2?
diseconomies of scale
What does this graph illustrate?
effect of a tariff
What 4 words(in the black box) are missing from this diagram?
land labour capital enterprise
What are the three injections missing from the right hand side?
investment exports government spending
What does this graph illustrate?
positive externalities of consumption
What does this graph illustrate?
customs union
What is the full name of this Nobel Prize winning economist?
Esther Duflo
Does this graph illustrate the effect of higher interest rates?
Yes
What is domestic production before and after the tariff?
before q1 after q2
What does this graph show focusing on points a, b, and c?
the 3 ways of measuring national income
Why does the balance of payments worsen between pts x and y?
inelastic demand for exports