Slope is calculated as rise / run
Indicate whether the statement is true or false
TRUE
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Which of the following is a benefit of the price system?
A) the existence of positive externalities B) the production of public goods C) Consumers have what they want since politicians and business managers decide what is to be produced. D) the freedom of consumers to decide what they want to purchase
Figure 17-13
In , if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how many baseballs will be purchased in the United States?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000
In a simplified circular flow model with no government, in equilibrium, S = I + (X ? IM).
Answer the following statement true (T) or false (F)
A person who would work for 25 more years earning $100,000 per year and discounts the future at an interest rate of 5% per year has an annually-compounded discounted expected present value of current and future earnings equal to
A. $0.9 million. B. $0.5 million. C. $1.4 million. D. $1.1 million.