Which of the following is an accurate equation for the law of supply?
a. P ? ? Ds ? and P ? ? Ds ?
b. P ? ? Ds ? and P ? ? Ds ?
c. P ? ? Qs ? and P ? ? Qs ?
d. P ? ? Qs ? and P ? ? Qs ?
d. P ? ? Qs ? and P ? ? Qs ?
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The relationship between interest rates and investment spending is graphed as
A) a vertical line. B) a horizontal line. C) an upward sloping curve. D) a downward sloping curve.
In the Village of Punjab, Sheryl owns a well, which is the only source of drinking water. The supply of water is perfectly inelastic at a quantity of 1,000 gallons of water per day
At a price of $2.00 per gallon, the quantity demanded per day is 1,000 gallons. The government imposes a $0.50 per gallon tax. a) After the tax is imposed, what is the price paid by the villagers? What is the price received by Sheryl? b) How much revenue does the government collect? c) What fraction of the tax does Sheryl pay? What fraction is paid by the villagers?
Which of the following is not one of the three sources of technological change?
A) better machinery and equipment B) better means of organizing and managing production C) additional amounts of existing capital D) increases in human capital
Economists estimate that the total lag for monetary policy is about:
a. 1-2 days. b. 2 weeks to 1 month. c. 3-12 months. d. 2-4 years.