A government is running a budget surplus if:
A. government revenue is less than government spending.
B. government revenue exceeds government spending.
C. imports exceed exports.
D. exports exceed imports.
Answer: B
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Which of the following would lead to a rise in demand for recordable DVDs by students?
a. An increase in the number of DVD manufacturers. b. A decrease in the price of DVD recording devices. c. A decrease in the price of the DVD making machinery. d. A cut in the number of student workers hired by the university, lowering student incomes.
If X is a normal good, an increase in income will shift the
A. demand curve for X to the left. B. supply curve for X to the left. C. supply curve for X to the right. D. demand curve for X to the right.
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If 10,000 units of iced tea are sold
A) the deadweight loss is equal to economic surplus. B) producer surplus equals consumer surplus. C) marginal benefit is less than marginal cost. D) the marginal benefit of each of the 10,000 units of iced tea equals $3.
The present value of $500,000 in 4 years at 7 percent interest is approximately:
A. $381,448. B. $655,398. C. $344,682. D. None of these statements is true.