If demand is represented as Qd = 18 - 6P and supply is represented as Qs = 3 + 9P, the equilibrium quantity is
A. 1.
B. 4.
C. 7.
D. 12.
Answer: D
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If the marginal cost of treating an illness is zero, then the optimal amount of treatment to receive is the amount:
A. for which the average benefit of treatment is zero. B. for which the marginal benefit of treatment is zero. C. for which the total benefit of treatment is zero. D. that makes the patient is as healthy as possible.
If the U.S. (a large country) imposes a tariff on its imported good, this will tend to
A) improve the terms of trade of the United States. B) have no effect on terms of trade. C) improve the terms of trade of all countries. D) cause a deterioration of U.S. terms of trade. E) raise the world price of the good imported by the United States.
Why do economists predict that investment increases when the real rate of interest falls?
What will be an ideal response?
Fran buys 1,000 shares of stock issued by Miller Brewing. In turn, Miller uses the funds to buy new machinery for one of its breweries
a. Fran and Miller are both investing. b. Fran and Miller are both saving. c. Fran is investing; Miller is saving. d. Fran is saving; Miller is investing.