Refer to the information provided in Figure 26.1 below to answer the question(s) that follow.
Figure 26.1Refer to Figure 26.1. This economy reaches capacity at
A. $500 billion.
B. $1,000 billion.
C. $1,500 billion.
D. an output level that is indeterminate from this information because aggregate demand is not given.
Answer: C
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A variable that is potentially affected by an experimental treatment is referred to as a(n):
A) compulsory variable. B) omitted variable. C) independent variable. D) dependent variable.
Consumer surplus equals the
a. value to buyers minus the amount paid by buyers. b. value to buyers minus the cost to sellers. c. amount received by sellers minus the cost to sellers. d. amount received by sellers minus the amount paid by buyers.
Suppose that at a price of 25 cents per orange, 500 consumers each demand 4 oranges, and at a price of 20 cents per orange, 750 consumers each demand 5 oranges. Therefore, the market demand for oranges is ________ at a price of 25 cents per orange and ________ at a price of 20 cents per orange.
A. 4; 5 B. 2000; 3750 C. 1250; 1500 D. 500; 750
Which equation is used by a manager when considering total cost?
A) total costs (TC) = consumption (C) + investment (I) + government (G) B) total costs (TC) = average fixed costs (AFC) + number of workers C) total costs (TC) = average total costs (ATC) D) total costs (TC) = total fixed costs (TFC) + total variable costs (TVC)