You hire a set of economic consultants and they tell you the following: At a price of $5, 24 units of the good could be sold; at a price of $7, 25 units of output could be sold. The marginal revenue of the 25th unit of output is
a. $14
b. $55
c. $6
d. $168
e. $175
B
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If there is currently a recessionary gap, a decrease in aggregate demand would make the recessionary gap larger
a. True b. False Indicate whether the statement is true or false
Opponents of tax reforms intended to raise saving argue that such reforms
a. favor those with high income, and that saving may not rise because of the substitution effect. b. favor those with high income, and that saving may not rise because of the income effect. c. favor those with low income, and that saving may not rise because of the substitution effect. d. favor those with low income, and that saving may not rise because of the income effect.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.
Steve Ballmer organized government spending data on the basis of four "missions" for government that he identified in the preamble to the U.S. Constitution. Which of the four "missions" had the highest level of spending at all levels of government?
A) Establish justice and ensure domestic tranquility. B) Provide for the common defense. C) Promote the general welfare. D) Secure the blessings of liberty to ourselves and our posterity.