Private firms and public bureaus differ in the sense that public bureaus
a. sometimes have top-level managers chosen by shareholders
b. sell most of their output on a per unit basis
c. receive most of their revenues through a budget appropriation rather than through the sales of goods or services
d. are sometimes inefficient
e. hire consultants to solve difficult problems
C
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Refer to Figure 11.2. Suppose that Ca = 40, MPC = 0.8, I = 10. The slope of the consumption function is
A) 0.1. B) 0.2. C) 0.8. D) 0.9.
Refer to Table 19-27. What is the level of disposable personal income for this economy?
A) $1,080 billion B) $1,010 billion C) $980 billion D) $860 billion
The agreement between the U.S., the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called
A. NAFTA. B. CAFTA. C. Mercosur. D. GATT.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of used bikes are lemons (low quality), how many lemons (low quality) will be supplied by sellers?
A. 8 B. 12 C. 16 D. 22