Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. This market will be in equilibrium if the price per cheeseburger is
A. $5.
B. $6.
C. $7.
D. $8.
Answer: C
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In an economy, for every $10 million increase in disposable income, saving increases by $2 million. It can be concluded that the
A. average propensity to save is 0.2. B. marginal propensity to consume is 0.2. C. slope of the saving schedule is 2. D. slope of the consumption schedule is 0.8.
The water and diamonds paradox of value results from
A) the concept of deadweight loss. B) the "law of demand." C) diminishing marginal utility. D) the elasticity of demand.
If a country's nominal interest rate is zero, then
A) the country's economy is in a liquidity trap. B) exchange rates with other countries are likely to decline. C) exchange rates with other countries are likely to increase. D) monetary policy is likely to be very effective in stimulating the economy. E) the country's economy has achieved monetary equilibrium.
A union can influence the equilibrium wage rate by:
a. All of the answers are correct. b. lobbying for legislation to reduce immigration. c. collective bargaining. d. featherbedding.