Inflation is the increase in:
A. imports relative to exports.
B. total output per worker.
C. total output.
D. the general level of prices.
Answer: D
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If demand and supply both increase
A) the equilibrium quantity definitely will increase and market clearing price definitely will decrease. B) the equilibrium quantity definitely will increase and market clearing price definitely will increase. C) the equilibrium quantity definitely will increase but the change in market clearing price cannot be determined without more information. D) market clearing price definitely will increase but the change in the equilibrium quantity cannot be determined without further information.
If the supply of a product decreases and the demand for that product simultaneously increases, then equilibrium:
A. price must rise, but equilibrium quantity may rise, fall, or remain unchanged. B. price must rise and equilibrium quantity must fall. C. price and equilibrium quantity must both increase. D. price and equilibrium quantity must both decline.
The following diagram shows a consumer's demand schedule for a good. At a price of $2, consumer surplus is:
a. ?$200. b. ?$5. c. ?$80. d. ?$10. e. ?$4.
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. The marginal utility of the second dozen oysters per day is
A. 20. B. 30. C. 44. D. 104.