Suppose that in the market for bottled water, the market supply is QS = 14 + 20Pand the market demand is QD = 74 – 10P, then equilibrium price is
a. $2 b. $54 c. $6 d. none of the above
a. $2
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Abstraction can be thought of as
A. avoiding reality in order to build theory. B. omitting unimportant details in order to understand complex phenomena. C. relying on absurdity to explain simplicity. D. making complex assumptions when simple facts are sufficient. E. stylizing reality rather than analyzing cause and effect.
A new tax introduced by the government will: a. decrease disposable income
b. increase disposable income. c. lead to a reduction in government spending. d. lead to an increase in government spending. e. have no effect on disposable income.
U.S. exports are
a. not included in U.S. GDP because they are consumed abroad b. included in U.S. GDP because they are produced domestically c. included in U.S. GDP because they represent an increase in inventories d. included in U.S. GDP as government purchases because the government decides what goods may be exported e. not included in U.S. GDP because they are not subject to a tariff
The U.S. legal system mainly engages in activities that
A. involve defining and protecting property rights. B. focus on producing public goods. C. are dedicated to producing private goods. D. focus on income redistribution.