If in a closed economy Y = $11 trillion, which of the following combinations would be consistent with national saving of $3 trillion?
a. C = $8 trillion, G = $3 trillion
b. C = $13 trillion, G = -$1 trillion
c. C = $9 trillion, G = $5 trillion
d. C = $7 trillion, G = $1 trillion
d
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Price will always exceed marginal cost for the profit-maximizing monopolist, or any price-setter firm for that matter
Indicate whether the statement is true or false
Which of the following is true for a lower price elasticity of demand coefficient?
a. The market is broadly defined. b. The quantity demanded is more responsive. c. Few substitutes exist. d. Many substitutes exist. e. All of these.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for the United States is:
A. 5 apples for each pair of shoes. B. 5 pairs of shoes for each apple. C. 1/5 apple for each pair of shoes. D. 1 pair of shoes for every 2 apples.
A Pareto improvement is any action that makes at least one individual better off, and harms no one
a. True b. False