If P = 4 and Y = 200, then which of the following pairs of values are possible?
a. M = 800, V = 16
b. M = 150, V = 3
c. M = 400, V = 2
d. M = 200, V = 2
c
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In a report made to the U.S. Congress in 2001, the National Academy of Sciences cautioned that if fuel economy encourages the production of smaller and lighter cars, "Some additional traffic fatalities would be expected"
This statement suggests that A) U.S. auto manufacturers are more concerned about producing fuel efficient cars to compete with their Japanese and South Korean rivals than about consumer safety. B) there is a tradeoff between safety and fuel economy. C) society should value fuel economy more highly than consumer safety because of the long-term environmental benefits generated by less gasoline use. D) society should value safety more highly than fuel economy.
Maria goes shopping for wedding shoes and is willing to pay $50 . She pays only $20 because the shoes she wants are on sale. Does she gets a consumer surplus? If so, how much?
a. yes, $50 b. yes, $20 c. yes, $70 d. yes, $30 e. no, there is no consumer surplus because the price was a sale price
When John earned $65,000 he purchased 10 DVDs a year. His income has just increased to $68,000 and he plans to purchase 15 DVDs this year. John's income elasticity of demand equals
A) 0. B) 0.11. C) 1.67. D) 8.87.
In order to accurately capture the multiplier effect, it is important to know:
A. what people's expectations of the future are. B. real GDP. C. what proportion of their additional income people spend. D. individual's wealth.