Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Economist call a person who does not pay for a good or service they consume
A. A free loader B. A free rider C. Selfish D. An opportunist
The last time the U.S. Post Office raised its prices for mail service critics of the rate increase argued that the Post Office's revenues would actually decline as a result of the price increase. It can be concluded that:
A) both groups believe demand is elastic, but for different reasons. B) both groups believe demand is inelastic, but for different reasons. C) the Post Office believes demand for mail service is elastic; opponents of the price increase believe demand is inelastic. D) the Post Office believes demand for mail service is inelastic; opponents of the price increase believe demand is elastic.
The ______ the Lorenz curve is from/to the line of perfect equality, the _____ is the Gini coefficient, and the __________ income equality exists.
A. farther; higher; less B. farther; higher; more C. closer; higher; less D. closer; lower; less
Suppose you lend $2,500 at 11.5% for 3 years. If the interest is compounded annually, how much interest will you receive in those 3 years?
A. $862.50 B. $965.49 C. $3,362.50 D. $2,465.49