The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts. If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2, peanut farmers are willing to sell
A) no peanuts.
B) 1000 pounds of peanuts.
C) 2000 pounds of peanuts.
D) 4000 pounds of peanuts.
A
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Assume that the marginal propensity to consume in an economy is 0.75. If the economy's full-employment real GDP is $900 billion and its equilibrium real GDP is $800 billion, there is a recessionary expenditure gap of
A. $133 billion. B. $25 billion. C. $100 billion. D. $400 billion.
If the cross elasticity of demand is -5 between french fries and orange drink, then french fries
A) and orange drink are complements. B) and orange drink are substitutes. C) are a normal good and orange drink is an inferior good. D) are an inferior good and orange drink is a normal good.
If the quantity demanded of product S increases as the price of product T decreases, then S and T are complements
a. True b. False Indicate whether the statement is true or false
If the United States imposes a tariff on the import of Japanese cars instead of a quota, the price
a. increase in Japanese cars goes into the revenue of U.S. automakers. b. increase in Japanese cars goes into the revenue of Japanese automakers. c. increase in Japanese cars goes into the revenue of the U.S. government. d. decrease in Japanese cars comes out of the revenue of U.S. automakers. e. decrease in Japanese cars comes out of the revenue of the U.S. government.