Refer to Table 3-2. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $10, the quantity demanded in the market would be
A) 2 lbs. B) 48 lbs. C) 50 lbs D) 52 lbs.
D
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When the government reduces income taxes, it is trying to stimulate which of the following components of GDP?
A. Gross investment B. Government purchases C. Consumption D. Net exports
One difference between the assets included in M1 and those added to calculate M2 is that items in M1 are
a. better stores of value than those added to compute M2. b. more liquid than those added to compute M2. c. less liquid than those added to compute M2. d. larger than those added to compute M2.
Other things equal, a reduction in income taxes would:
A. reduce productivity and reduce aggregate supply. B. increase consumption and increase aggregate demand. C. increase the supply of money and reduce investment. D. increase government spending and increase aggregate demand.
The income elasticity of demand for education is 3.5. Thus, a 4% increase in income will
A. decrease the quantity of education demanded by 3.5%. B. decrease the quantity of education demanded by 14%. C. increase the quantity of education demanded by 14%. D. increase the quantity of education demanded by 4%.