Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) Violet's consumer surplus is $2. B) everyone will buy a ticket.
C) consumer surplus will be maximized. D) no one will buy a ticket.
D
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A production function establishes the relationship between:
A) the market price of a good and the sales revenue generated. B) the quantity of output produced and the firm's profit. C) the quantity of inputs used and the quantity of output produced. D) the market price of a good and the quantity of output supplied.
Which of the following will be a short run impact of a pre-election expansionary fiscal policy, public expectations remaining constant?
a. An increase in unemployment b. A decline in real GDP c. An increase in real GDP d. A fall in the rate of inflation e. An economic recession
Contractionary fiscal policy could be carried out by
A. an increase in government spending and/or a decrease in taxes. B. an increase in transfer payments. C. a decrease in government spending and/or an increase in taxes. D. All of the choices are correct.
The U.S. Federal Reserve, the Bank of Japan, the Bank of England, and the European Central Bank are all in charge of what for the countries they represent?
A. Debt management. B. Unfunded liabilities. C. Monetary policy. D. Fiscal policy.