(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the given information. The equilibrium price for
X is:
A. $2.
B. $4.
C. $6.
D. $7.
Answer: C
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In 2009, the top 1 percent of income earners made about
a. 1 percent of all income and paid about 1 percent of all taxes. b. 13 percent of all income and paid about 22 percent of all taxes. c. 22 percent of all income and paid about 13 percent of all taxes. d. 50 percent of all income and paid about 50 percent of all taxes.
Imagine that two years ago you inherited $20,000 and put it into an account paying a fixed 8 percent annual interest rate. How much money do you have in your account now?
a. $22,880.00 b. $23,200.00 c. $23,232.00 d. $23,328.00
Assume an economy produces only footballs and baseballs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers200300$20$3.00Hot dogs500600$10$1.50 Given the data in the table above, what is the value of real GDP in 2017?
A. $12,000 B. $10,000 C. $12,500 D. $9,000
To maximize profits, a perfectly competitive firm should do all the following except:
A. produce until marginal cost equals price. B. produce until per-unit profits are maximized. C. produce until marginal revenue equals marginal cost. D. produce until economic profits are maximized.