At a level of real disposable income of $10,000, suppose consumption is $11,000. Given this information, we know with certainty that saving equals
A. -$1,000.
B. $1,000.
C. $11,000.
D. $0.
Answer: A
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Use the figure below to answer the following question.
At equilibrium, consumer surplus would be represented by the area
A. a + b + c. B. b. C. a. D. a + b.
The demand for a product at a given time is defined as the
a. desire for it. b. sum spent on it. c. measure of total utility for it. d. amount that would be bought at various prices.
The marginal product of labor indicates ________. Therefore the MPL curve is also ________
A) the quantity of labor supplied for a given wage; the equilibrium price of labor B) the quantity of labor demanded for a given wage; the equilibrium price of labor C) the quantity of labor demanded for a given wage; the demand curve of labor D) the quantity of labor supplied for a given wage; the supply curve of labor E) none of the above
A tax on an imported good is called a ______
Fill in the blank(s) with correct word