Suppose that the table shown shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of:Price($/lb.)Quantity demanded (lbs.)Quantity Supplied (lbs.)$0.1030,0005,000$0.2025,00010,000$0.5020,00020,000$0.7515,00030,000$0.955,00040,000
A. $0.50.
B. $0.95.
C. $0.75.
D. $0.25.
Answer: D
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The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four. B. a level of income below the minimally acceptable annual food budget of a family of a given size times three. C. unwholesome living conditions. D. a level of income below the median income for all families.
If there is a deliberate change in taxes and spending, it is called
A) a recessionary gap. B) an inflationary gap. C) discretionary fiscal policy. D) discretionary monetary policy.
Refer to the above table. If opportunity costs are constant, then the United States and Mexico will produce goods in which they have a comparative advantage and trade at a rate of exchange of
A) 4 computers for 1 bicycle. B) 6 computers for 1 bicycle. C) 0.1 computer for 1 bicycle. D) 1 computer for 1 bicycle.
With fixed costs of $200, a firm has average total costs of $5 and average variable costs of $3 . Its output is: a. 66.67 units
b. Need more information c. 100 units. d. 40 units.