Refer to Table 21.5:Table 21.5QTFCTVCTCAVCMC0 15--1 23 2 43 15 The marginal cost of the third unit of output in Table 21.5 is
A. $15.
B. $4.
C. $30.
D. $3.
Answer: D
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Consider a downward-sloping demand curve. When the price of a normal good increases, the income and substitution effects
A) work in the same direction to increase quantity demanded. B) work in the same direction to decrease quantity demanded. C) work in opposite directions and quantity demanded increases. D) work in opposite directions and quantity demanded decreases.
In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
a. Yes b. No c. Yes, if sales tax is paid d. No, because the purchase was from an individual not a dealer
M1 consists primarily of cash in the hands of the public and:
A. savings account balances. B. certificates of deposit. C. commercial paper. D. checking account deposits.
Let the demand function for a product be Q = 50 ? 5P. The inverse demand function of this demand function is:
A. Q = 25 + P B. P = 10 + 0.2Q C. P = 50 ? 0.2Q D. P = 10 ? 0.2Q