Suppose a monopolist has TC = 40 + 10Q + Q2, and the demand curve it faces is p = 130 - 2Q. What is the monopolist's total cost (TC) at the profit-maximizing level of output?
A) TC = 320
B) TC = 640
C) TC = 720
D) TC = 840
B
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In a large open economy ________
A) the effect of shifts in saving and investment on the trade balance are in the same direction as in a closed economy B) the effect of shifts in saving and investment on net capital flows are in the same direction as in a closed economy C) the effect of shifts in saving and investment on the domestic real interest rate and the actual levels of saving and investment are in the same direction as in a closed economy D) all of the above E) none of the above
If a price ceiling is set above the equilibrium price, then
A. prices will fall as soon as the ceiling price is abolished. B. prices will remain the same (not rise) when the price ceiling is lifted. C. equilibrium price and ceiling prices are two totally different concepts and hence do not affect each other. D. prices will begin to rise rapidly when the price ceiling is lifted.
Recent evidence suggests that output per worker is
A) positively related to both the rate of investment and to the rate of population growth. B) positively related to the rate of investment and negatively related to the rate of population growth. C) negatively related to the rate of investment and positively related to the rate of population growth. D) negatively related to both the rate of investment and to the rate of population growth.
According to the permanent income hypothesis, consumption spending depends largely on ________
A) current income B) the savings rate C) a consumer's lifetime resources D) the level of current income plus the value of the assets owned by the household