Because a famous airplane like the Spruce Goose is fixed in supply, its price is
A. independently determined.
B. inelastic.
C. demand determined.
D. supply determined.
Answer: C
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Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A. economic surplus; $12,000 B. cost; $15,000 C. benefit; $12,000 D. economic surplus; $3,000
In the United States, the percentage of households that have incomes below the mean income is
A) 50 percent. B) less than 50 percent. C) more than 50 percent. D) 0 percent.
Refer to the graph shown. The welfare cost of monopoly is given by:
A. area A. B. area B. C. areas A and B. D. areas C and D.
Which of the following is an accurate statement concerning an expansionary monetary policy?
a. Spending and borrowing will decrease because interest rates have increased. b. Spending and borrowing will increase because interest rates have increased. c. Spending and borrowing will decrease because interest rates have decreased. d. Spending and borrowing will increase because interest rates have decreased.