In this table, if the quantity increased to 7, what would the total revenue be?
a. 27
b. 30
c. 32
d. 35
d. 35
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Which of the following categories accounts for roughly 70% of all federal spending?
a. Regional development, law enforcement and the judicial system, and administrative costs b. Transportation, housing, education, and income support for the poor c. International affairs, science and technology, and natural resources d. National defense, Social Security, health care, and interest payments
Suppose that a worker in Caninia can produce either 2 blankets or 8 meals per day, and a worker in Felinia can produce either 5 blankets or 1 meal per day. Each nation has 10 workers. For many years, the two countries traded, each completely specializing according to their respective comparative advantages. Now war has broken out between them and all trade has stopped. Without trade, Caninia
produces and consumes 10 blankets and 40 meals per day and Felinia produces and consumes 25 blankets and 5 meals per day. The war has caused the combined daily output of the two countries to decline by a. 15 blankets and 35 meals. b. 25 blankets and 40 meals. c. 35 blankets and 45 meals. d. 50 blankets and 80 meals.
If there is both an increase in the supply of a good and a decrease in demand for a good, which of the following will definitely occur?
a. The price of the good will increase. b. The equilibrium quantity will decrease. c. The price of the good will decrease. d. The equilibrium quantity will increase.
If the cost of living in the base year is $20,000 and it rises to $25,000 in the current year, how much is the CPI in the current year?
What will be an ideal response?