In nominal terms, the combined deficits over time in Social Security adds to
A. $36 trillion.
B. $36 billion.
C. $36 million.
D. $36 thousand.
Answer: A
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Suppose that Lady Gaga sells 1,000 tickets to a concerts at $480 each
If the equilibrium price is $600 per ticket for a fixed supply of 1,000 tickets, what is the value of the additional economic rent that Lady Gaga could earn if she charged the market clearing price? A) $1,080,000 B) $120,000 C) $600,000 D) $480,000
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if the price is $8, the market will
A. Experience a surplus of 56 units. B. Experience a surplus of 30 units. C. Experience a shortage of 22 units. D. Be in equilibrium.
Use the following diagram to answer the next question.
The phases of the business cycle from points A to D are, respectively
A. expansion, recession, trough, peak. B. trough, recovery, expansion, peak. C. peak, recession, expansion, trough. D. peak, recession, trough, expansion.
Suppose the consumption equation is represented by the following: C = 250 + .75YD. Given this information, the marginal propensity to save is
A) .25. B) .7. C) 1. D) 4. E) none of the above