In an open economy, the quantity demanded of TVs in the domestic market will be ________.
A. 120,000
B. 30,000
C. 90,000
D. 60,000
Answer: C
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In the above figure, the marginal propensity to consume (MPC) equals
A) 0.9. B) 0.75. C) 0.8. D) 0.85.
"The alarm went off, the sun rose, and I had to make a choice; microeconomics class or sleep longer.". The scarce resource in this case is
a. time b. logical ability c. textbooks d. alarm clocks e. sunshine
The textbook defines a "well-organized" market as a market in which
A) all information available to sellers and buyers is also available to other parties to exchange transactions.
B) bids and offers of buyers and sellers are brought together to establish a single price over a wide area.
C) the government regulates maximum and minimum prices.
D) the terms of exchange between buyers and sellers are controlled by a professional marketing association.
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
A. 6 B. 0 C. 8 D. 12 E. 4