Assume there is an improvement in the technology used to produce Blu-ray disc players. What could be expected to happen to the equilibrium price and quantity in the market for Blu-ray disc players?
A) Equilibrium price would increase and equilibrium quantity would decrease.
B) Equilibrium price and quantity would both decrease.
C) Equilibrium price would decrease and equilibrium quantity would increase.
D) Equilibrium price and quantity would both increase.
C
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The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?
A) This is a good definition of poverty since it is made up of the income from productive resources. B) This is not a good definition of poverty because our tax structure consists of different tax brackets based on income. C) This is not a good definition of poverty because it does not include in-kind subsidies. D) This is a good definition of poverty because it is easy to measure.
For a perfectly competitive firm
A. price is greater than marginal revenue. B. price is less than marginal revenue. C. price equals marginal revenue. D. there is no relationship between price and marginal revenue.
A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run
Indicate whether the statement is true or false
Which of the following statements is TRUE?
A) consumption + saving = disposable income B) consumption + saving = personal income C) consumption - investment = disposable income D) consumption - saving = personal income