Which of the following is not true of equilibrium price?
A. All consumers can buy all they demand.
B. It is determined by the interaction of supply and demand.
C. It is set by the government.
D. It is also known as the market-clearing price.
C. It is set by the government.
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A federal system consists of one level of government to provide public goods and services.
A. True B. False C. Uncertain
In Figure 3-5 above, the saving function is
A) 100 + 0.8(Y - T). B) -100 + 0.05(Y - T). C) 0.2Y - 100. D) 100 + Y - T.
An economic model is:
a. a plastic scaled version of the economy. b. a complete depiction of reality. c. an abstraction from reality. d. applicable to consumer behavior but not to producer behavior. e. not an accepted tool of the economics profession.
if $3,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
a. $3,300,000 b. $3,000,000 c. $3,090,000 d. $2,910,000