Which of the following would show the LEAST amount of inequality?
A) Measured annual income.
B) Measured annual wealth.
C) Lifetime income.
D) Measured annual income and annual wealth are equally distributed and are more equally distributed than lifetime wealth.
C
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Assume there is an improvement in the technology used to produce Blu-ray disc players. What could be expected to happen to the equilibrium price and quantity in the market for Blu-ray disc players?
A) Equilibrium price would increase and equilibrium quantity would decrease. B) Equilibrium price and quantity would both decrease. C) Equilibrium price would decrease and equilibrium quantity would increase. D) Equilibrium price and quantity would both increase.
Economic profits are calculated as:
A. total revenue minus explicit costs. B. total revenue minus all opportunity costs, explicit and implicit. C. total revenue minus implicit costs. D. None of these is true.
If the price of hot dogs were to decrease, which of the following changes would we expect to occur in the hot dog bun market?
a. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would increase. b. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would decrease. c. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would increase. d. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would decrease. e. The equilibrium price of hot dog buns would stay the same and the quantity of hot dog buns sold would increase.
Suppose the economy was in equilibrium, and the national government increased spending by an expected amount equal to $200 billion. Monetarist theory would predict that:
a. Aggregate demand will rise, causing only real GDP to rise. b. The real risk-free interest rate will rise, but real GDP will remain the same. c. Aggregate demand will fall, and real GDP will fall. d. Aggregate demand will rise causing only prices to rise. e. Aggregate demand will rise causing both prices and real GDP to rise.