A country has output of $900 billion, consumption of $600 billion, government expenditures of $150 billion and investment of $120 billion. What is its supply of loanable funds?
a. $30 billion
b. $90 billion
c. $120 billion
d. $150 billion
d
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The figure below shows the demand for items from a warehouse club. All of the people who shop at the warehouse club have the same demand. If the managers set a single price, so that all customers pay the same price for every item they buy, the firm makes an economic profit of ________ and if the managers use two-part pricing, the firm makes an economic profit of ________.
A) $40 million; $80 million
B) $60 million; $80 million
C) $40 million; $60 million
D) $0; $80 million
Suppose you observe that the price of a good increases and that the quantity of this good sold also increases. If only the demand curve or the supply curve shifts this suggests that
A) supply increased over time while demand remained the same. B) supply decreased over time while demand remained the same. C) demand increased over time while supply remained the same. D) demand decreased over time while supply remained the same.
When costs that vary with the level of output are divided by the output, you have calculated
a. total changing cost. b. total fixed cost. c. average fixed cost. d. average variable cost.
Define vertical equity and horizontal equity. How do tax loopholes sometimes create vertical and horizontal inequity?
What will be an ideal response?