In short-run equilibrium, the perfectly competitive firm of Figure 9-3 will produce
a.
zero units of output
b.
200 units of output
c.
275 units of output
d.
475 units of output
e.
575 units of output
d
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Winners of the Jackson City Lottery prize of $10 million are paid $1 million per year for ten years. Paid out in this form, this prize is
a. worth less than $10 million because the payment is deferred over time b. worth more than $10 million because the payments remain constant for the next ten years c. worth more than $10 million because the tax burden on the smaller payments is less d. worth exactly $10 million e. not worth $10 million only if the interest rate is positive
An economic system that answers the What, How, and For Whom questions using prices determined by the interaction of the forces of supply and demand is a:
a. market economy. b. command economy. c. traditional economy. d. none of these.
An implication of the median voter theorem is that
a. minority views and majority views are given equal weight. b. platforms of the major political parties will not differ greatly. c. the logic of democracy is fundamentally flawed. d. behavioral economics plays a significant role in voting outcomes.
Refer to Figure 1A.1. The slope of the line between the points where income equals 50 and income equals 200 is
A) 0.2. B) 5. C) 10. D) 50.