Refer to the information provided in Figure 23.6 below to answer the question(s) that follow.
Figure 23.6Refer to Figure 23.6. If aggregate income is $800, aggregate saving is
A. -$100.
B. -$20.
C. $20.
D. $40.
Answer: C
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The figure above illustrates the gasoline market. There is no external benefit from gasoline. If this market is left unregulated and no pollution tax is imposed, the equilibrium quantity of gasoline is
A) 0 gallons. B) 5 million gallons. C) 10 million gallons. D) 20 million gallons. E) 15 million gallons.
In 2012, consumers in Dexter consumed only books and pens. The prices and quantities for 2012 and 2013 are listed in the table above. The reference base period for Dexter's CPI is 2012. What is the inflation rate in 2013?
A) 69 percent B) zero C) 31 percent D) 2 percent
A product is considered to be rival if
A) your consumption of the product reduces the quantity available for others to consume. B) you can keep those who did not pay for the item from enjoying its benefits. C) you cannot keep those who did not pay for the item from enjoying its benefits. D) it is jointly owned by all members of a community.
Explain how an increase in government spending would affect the DD-AA schedule in the short run
What will be an ideal response?