Refer to Figure 4-1. If the market price is $2.00, what is the consumer surplus on the second burrito?
A) $0 B) $1.00 C) $2.00 D) $4.50
A
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How would the Fed's sale of government bonds on the open market affect the money supply?
What will be an ideal response?
Between the years 1998 and 2001, the U.S. government experienced
A) budget surpluses. B) balanced budgets. C) budget deficits. D) contractionary budget cycles.
According to the Keynesian aggregate expenditures model equilibrium and full employment:
a. always occur at the same income level of real GDP. b. may differ, but there is an automatic mechanism that directs the economy toward full-employment equilibrium. c. could never occur at the same level of real GDP. d. do not necessarily occur at the same level of real GDP.
When marginal revenue is positive,
A. marginal revenue is greater than price. B. demand is elastic. C. decreasing price will decrease total revenue. D. both b and c E. all of the above