A buyer is willing to buy 10 units of a good at a maximum price of $10 per unit. The reservation value of the buyer in this case is:
A) $1.
B) $10.
C) $20.
D) $100.
B
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While the budget deficit represents a ________, the public debt represents a ________
A) flow; flow B) stock; flow C) flow; stock D) stock; stock
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0Which of the turning points are troughs?
A. (A), (C), and (E) B. (A), (B), and (C) C. (C), (D), and (E) D. (B) and (D)
Whether studying the output of the U.S. economy or how many classes a student will take, a unifying concept is that:
A. both wants and resources are unlimited, so trade-offs are unnecessary. B. wants are limited and resources are unlimited, so trade-offs are unnecessary. C. wants are unlimited and resources are scarce, so trade-offs have to be made. D. wants are limited and resources are unlimited, so trade-offs have to be made.