In the aggregate demand/aggregate supply model, a country's full-employment real GDP is represented by:
A. prices.
B. aggregate demand.
C. aggregate supply.
D. an increase in the general level of prices.
Answer: C
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For a good such as food, the income elasticity is likely
A) negative. B) equal to zero. C) positive and less than one. D) positive and greater than one. E) undefined because people always buy the same amount of food.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.35 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what is Always There Wireless's profit from sales for each high-demand consumer?
A. $27.63 B. $37.63 C. $21.13 D. $28.13
In the economy of Talikastan in 2015, consumption was $3000, exports were $1200, GDP was $8000, government purchases were $1200, and imports were $600 . What was Talikastan's investment in 2015?
a. $3200 b. $5600 c. $2000 d. $4400
A duopoly is a market structure in which:
a. two consumers buy the product. b. two firms sell the product. c. one firm sells the product and one consumer buys the product. d. two firms sell the product and two consumers buy the product.