Refer to the information provided in Table 24.4 below to answer the question(s) that follow.
Table 24.4
Refer to Table 24.4 At the equilibrium level of income, leakages equal ________ billion.
A. $0
B. $100
C. $200
D. $400
Answer: D
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The above table gives some production and cost information for Flaming Fernando's, a restaurant that sells Fiery Frijoles. Between what two levels of output does the marginal cost of producing Fiery Frijoles first begin to rise?
A) 0 and 1000 B) 1000 and 3000 C) 3000 and 4000 D) 4000 and 4500
Which of the following events would increase the price elasticity of demand for Chicago Bears tickets that sell at a price of $20?
a. b and c. b. The Bears are having a successful season. c. The visiting team is having a successful season. d. The Bears have been defeated in their previous seven games. e. The weather on game day will be warm.
Refer to the accompanying figure. Suppose the solid line shows the current demand for coffee. In response to a news story explaining that coffee causes heart disease, you should expect:
A. the demand curve to shift to D(A) because some people will stop drinking coffee. B. neither a change in quantity demanded nor a shift in demand. C. the demand curve to shift to D(B) in anticipation of higher future prices. D. the quantity of coffee demanded to decrease, but no shift in the demand curve.
Technological advance improves allocative efficiency by:
A. enhancing monopoly power. B. reducing income inequality. C. giving society a more-preferred mix of goods and services. D. encouraging saving.