Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. This market will be in equilibrium if the quantity of cheeseburgers demanded is
A. 300.
B. 600.
C. 900.
D. 1,200.
Answer: C
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Special interest group X receives a 1/150th slice of the economic pie. Its net benefits from an economic growth policy are $7,000, which are the same as its net benefits from a transfer policy. What is the change in the size of the economic pie (Real GDP) that is required to bring about this result?
A. $1,050,000 B. $46.67 C. $150,000 D. $2,500,000 E. none of the above
The equilibrium consumption bundle is:
A. the bundle where the budget line and the indifference curve meet. B. any bundle that is the farthest from the origin. C. the affordable bundle that yields the greatest satisfaction to the consumer. D. any affordable bundle in the budget set.
The average level of one's ________ income stream is permanent income.
A. expected future B. current C. known past D. disposable
The new growth theory
A) corrects for poor estimates of population growth. B) applies to only very poor, less-developed nations. C) eliminates technological advances from the growth picture. D) asserts that economic growth can be rapid but can only persist for a limited period of time. E) explains the source of technological advances.