The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?
A) $42
B) $24
C) -$2
D) -$24
D
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Since 1940, the U.S. government has experienced
A) twice as many annual budget surpluses as annual budget deficits. B) only one year with a budget surplus. C) about the same number of years with budget deficits as with budget surpluses. D) many more budget deficits than budget surpluses.
The amount by which the quantity demanded exceeds the quantity supplied at a given price is a
A. Balance-of-payments surplus. B. Market surplus. C. Balance-of-payments deficit. D. Market shortage.
In a certain economy, the components of planned spending are given by: C = 500 + 0.8(Y - T) - 300rI P = 200 - 400rG = 200NX = 10T = 150 Given the information about the economy above, which expression gives induced expenditures?
A. 0.8Y B. [910 ? 700r ] C. 0.2Y D. [790 ? 700r ]
To determine whether a particular good is a normal good, a luxury good, or an inferior good, you would want to observe what happens to demand for the good when __________ changes.
A. supply B. the price of raw materials C. price D. income