Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $30 and 20 thousand B) $60 and 30 thousand
C) $20 and 60 thousand D) $20 and 30 thousand
D
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Which of the following is an ultimate objective of the Federal Reserve?
A) Real GDP growth B) M1 growth C) M2 growth D) Low interest rates
Cost-benefit principles can be applied to the decision of:
a. profit-maximizing firms. b. majority-rule voting. c. which project receives the most votes. d. rational ignorance. e. all of these.
Which of the following best explains why productive workers can command high wages?
a. the bargaining power of labor unions. b. the presence of minimum wage legislation. c. wage and price controls that reflect the political power of labor organizations. d. competition among employers for productive workers.
The statement "Gross domestic product (GDP) values all output equally" means that:
a. household production is treated the same as production by firms
b. depreciation of manufactured capital is treated the same as depletion of natural resources.
c. the purchase of pollution control equipment is valued the same as pollution itself.
d. leisure time is valued the same as time spent working a job.
e. the market price of output is the measure of that output's value.