Compared to OECD countries, in the U.S
a. the poverty level is above the OECD average, but inequality is below the average
b. the poverty level is below the OECD average, but inequality is above the average
c. both poverty and inequality levels are below the OECD average
d. both poverty and inequality levels are above the OECD average
d
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At the point at which planned real consumption spending is equal to real disposable income
A) the consumption function is above the 45-degree line. B) the consumption function intersects the savings function. C) the consumption function intersects the 45-degree line. D) the consumption function is below the 45-degree line.
According to this Application, home equity is the single largest component of net wealth for most families in the United States. As home equity falls
A) autonomous consumption will decrease, shifting the consumption function downward. B) the MPC will decrease, increasing the slope of the consumption function. C) autonomous consumption will decrease, shifting the consumption function upward. D) the MPC will decrease, decreasing the slope of the consumption function.
Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Pepsi's best response function?
A. QP = 200PC - 67.5 B. QP = (90 + 400PC) - 500PP C. PP = 0.315 + 0.4PC D. PP = (0.18 + 0.8PC) - 0.002QP
The monopolist and the perfectly competitive firm both choose to maximize profits by choosing the level of output where:
A. MC equals AR and price is equal to minimum ATC. B. the two types of firms make their profit-maximizing decision differently. C. MC equals MR and price is equal to AR. D. MC equals MR and price is equal to minimum ATC.