Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, the corresponding total revenue function is:
A) 6Q.
B) 90 - 6Q.
C) 90 - 3Q.
D) 90Q - 3Q2.
D
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Subsidizing medical services through Medicare
A. makes medical services available to a large percentage of the population, who otherwise could not afford them. B. drives a wedge between the price received by providers and the price perceived by consumers. C. is a relatively low percentage of U.S. GDP compared to other nations. D. All of the above are true. E. Only A and B are true.
Compared to an economy’s self-correcting mechanism, active contractionary fiscal policy will
A. work more slowly and calmly. B. work more quickly. C. have less deflationary effects. D. have a smaller effect on real GDP.
There is general agreement among economists that the long-run time period exceeds one year
a. True b. False Indicate whether the statement is true or false
In 1986, Ken bought a Ford Mustang for $8,000 . If the price index was 122 in 1986 and the price index was 280 in 2011, then what is the price of the Mustang in 2011 dollars?
a. $3,485.71 b. $8,100.71 c. $18,360.66 d. $22,400.00